Please solve problem using hand written formula. Thank you! Answers are in bold.

4) Equity Lighting Corp. (ELC) wishes to explore the effect on its cost of capital of the rate at which the company pays taxes. The firm wishes to maintain a capital structure of 30% debt, 10% preferred stock, and 60% common stock. The cost of financing with common stock is 14%, the cost of pre erred stock financing is 9%, and the pre-tax cost of debt financing is 11%. what is ELC's WACC given a tax rate of 40%? 25%? a. 11.28%, 11.78%