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Excel Activity: Calculating the waCc Here is the condensed 2021 balance sheet for Skye Computer Company (in thousands of dollars): Skye's earnings per share last year were $2.90. The common stock sells for 860.00, last year's dividend (D0) was 52.10, and a fotadion coit or 8% would be required to sell new common stock. Security analysts are projecting that the common dividend will grow at an annual rate of 8%. Skye's preforred stock pays a dividend of 53.00 per share, and its preferred stock sells for $30.00 per ahare. The firmis before-tax coit of debe is 11%, and its marginai tax rate is 25\%. The firm's currently outstanding 11% annual coupon rate, long-term debe sells at par value. The market rijk premium is 5%, the rike-firee rate is 6%. and skye's beta is 1.642. The firm's total debe, which is the sum of the company's shoet-term debt and long-term debt, equals so. 1 milion. The data has been collected in the Microsoft Excel fic below. Download the spreadiheet and perform the reevired anatras to answer the guestions beloin. Do not round intermediate calculations. Rhound your answers to two decimal ploces. ownload spreadshect Calculating the WACC-0e1723.xlsx a. Calculate the cost of each capital component, that is, the after-tax cost of debt, the cost of preferred stock, the cost of equity from retained earnings, and the cost of newly issued common stock, Use the DCF mothod to find the cost of common equity. After-tax cost of debt: Cost of preferred stock: Cost of retained earnings: Cost of new common stock: b. Now calculate the cost of common equity from retained eamings, using the CAPM method. c. What is the cost of new common stock bosed on the CAPM? (Mut: Find the difference between re and rs as determined by the DCF method, and add that differential to the CAPM value for rc ) d. If Sikye continues to use the same market-value capital atructure, what is the firm's wacc assuming that (t) it uses only retained earnings for equity and (2) if if expands so rapidly that it must issue new common stock? (Hint: Use the market value capital structure excluding current liabilities to deternine the weights. Also, use the simple average of the required values obtained under tho two methods in caktulating wacc.) Wacci: Wacc 2