Black, Inc. has determined its optimal capital structure which is composed of the following sources and target market value proportions. The firm is in a 40% tax bracket. Source of Capital Long-term debt Preferred stock Common stock equity Target Market Proportions 20% 10 70 Debt: The firm has a cost of before tax 8.64 %. Preferred Stock: The firm pays a dividend of 7.60 % per share. The share of preferred stock sells for $95 per-share value. The cost of issuing and selling the stock is expected to be $5.50 per share. Common Stock: The firm's common stock is currently selling for $18 per share. The dividend expected to be paid at the end of the coming year is $1.74. The firm's dividends have been growing at an annual rate of 4%, and the growth rate is expected to continue into the future. It is expected that to sell, a new common stock issue must be underpriced $1 per share in floatation costs. a) Calculate the firm's after-tax cost of debt. b) Calculate the firm's cost of preferred stock. c) Calculate the firm's cost of a new issue of common stock. d) Calculate the Weighted Average Cost of Capital (WACC)