Please show me a step by step process to get the WACC - please no shortcuts! I'm familiar with the following equation: (WdxCd) + (WpsxCps) + (WcsxCcs). If there is an easier way to get this, please show me with the formula and where each number belongs.

After discovering a gold vein in the Colorado Mountains, CTC Mining Corporation must decide to go ahead and develop the deposit. The most cost effective method of mining gold is the sulfuric acid extraction, a process that could result in environmental damage. To begin mining CTC must spend $900,000 for new mining equipment and pay $165,000 for its installation. The mining operation will net the firm an estimated $350,000 per year and the vein is expected to last for five years. CTC's has no debt, preferred stock of $250,000 with annual dividends of \$23,750. And \$2.5 million in common stock with a cost of 15%. Assume that the cash flows occur at the end of each year. a. What is the Cost of Capital that should be used on this project