Question: Please double check my answer and show work. (Please make sure to follow the rounding instructions exactly, or the answer will be incorrect) Thank you!!
Please double check my answer and show work. (Please make sure to follow the rounding instructions exactly, or the answer will be incorrect) Thank you!!

Question 2 5 pts Fletcher Manufacturing has 8.9 million shares of common stock outstanding. The current share price is $38 and the book value per share is $8. Fletcher Manufacturing also has two bond issues outstanding. The first bond issue has a total face value of $67 million, a coupon rate of 5.8%, and sells for 102% of par. The second issue has a face value of $49 million, a coupon rate of 7.1%. and sells for 103.5% of par. The first issue matures in 11 years, the second in 17 years. Suppose the company's stock has a beta of 1.3. The risk-free rate is 4.7% and the market risk premium is 6.8%. Assume that the overall cost of debt is the weighted average implied by the two outstanding debt issues. Both bonds make semi-annual payments. The tax rate is 38% What is the firm's market value weight of equity? (Report answer in percentage terms and round to 2 decimal places. Do not round intermediate calculations). 73.96 What is the firm's market value weight of debt? (Report answer in percentage terms and round to 2 decimal places. Do not round intermediate calculations). 26.04 What is the firm's cost of equity? (Report answer in percentage terms and round to 2 decimal places. Do not round intermediate calculations). 13.54 What is the firm's cost of debt? (Report answer in percentage terms and round to 2 decimal places. Do not round intermediate calculations) 3.76 What is the firm's WACC? (Report answer in percentage terms and round to 2 decimal places Do not round intermediate calculations. When using previous answers, use the rounded answer as it was given in the answer box). 10.99
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