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You have been provided with the following information about the capital structure of New Excursions, a large tour and resort company: 1. Bonds - the company has 20,000 bonds with a face value of $100 cach and a coupon rate of 5% with interest pald semi-annually. The current price of the bonds is $98, and they have 14 years to maturity. Flotation costs are debt is estimated at 5.5% 2. Preference shares - There are 1 million preference shares outstanding. The shares carry a stated dividend of $1.50 per share and have a current market price of $25 per share. Flotation costs are estimated at 6.5% 3. Common shares - There are 2.5 million shares outstanding. The current market price of the shares is $45 each. The shares paid a dividend of $2.50 per share last year and investment analysts believe the dividends should grow at an average annual rate of 5% for the foreseeable future. Flotation costs are estimated at 7.5%. Required: With a tax rate of 35%, calculate the company's weighted average cost of capital. (Use 4 decimal places when calculating rates) You have been provided with the following information about the capital structure of New Excursions, a large tour and resort company: 1. Bonds - the company has 20,000 bonds with a face value of $100 each and a coupon rate of 5% with interest paid semi-annually. The current price of the bonds is $98, and they have 14 years to maturity. Flotation costs are debt is estimated at 5.5% 2. Preference shares - There are 1 million preference shares outstanding. The shares carry a stated dividend of $1.50 per share and have a current market price of $25 per share. Flotation costs are estimated at 6.5% 3. Common shares - There are 2.5 million shares outstanding. The current market price of the shares is $45 each. The shares paid a dividend of $2.50 per share last year and investment analysts believe the dividends should grow at an average annual rate of 5% for the foreseeable future. Flotation costs ate estimeted at 7,5%. Required: With a tax rate of 35%, calculate the company's weighted average cost of capital. (Use 4 decimal places when calculating rates)