In 2020, Apache has determined its optimal capital structure, which is composed of the following sources and target market value proportions: Source of capital Target market Proportions Long-term Debt Preferred Stock Common Stock 25% 30% 45% Long Term Debt: The firm can sell a 10-year, $1,000 par value, 9 percent bond for $30 discount. A flotation cost of 3 percent of the face value would be required in addition to the discount of $30. Preferred Stock: The firm has determined it can issue preferred stock at $35 per share par. The stock will pay a $4 annual dividend. The cost of issuing and selling the stock is $3 per share. Common Stock: The firm's common stock is currently selling for $84 per share. The dividend expected to be paid at the end of the year is $8.20 and grow at 3.64% thereafter. It is expected that a new common stock issue must be under-priced at $2 per share and the firm must pay $1 per share in flotation costs. Additionally, the firm's marginal tax rate is 30 percent. Required: Calculate Weighted Average Cost of Capital (WACC)