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Please show your work! Examine the following book value balance sheet for University Products Inc. The preferred stock currently sells for $12 per share and pays a dividend of $2 a share. The common stock sells for $30 per share and has a beta of 1.8. There are 1 million common shares outstanding. The market risk premium is 8%, the risk-free rate is 3%, and the firm's tax rate is 21%. What is the WACC for University Products Inc.? BOOK VALUE BALANCE SHEET (Figures in $ millions) Assets Cash and short-term securities Accounts receivable Inventories Plant and equipment Liabilities and Net Worth Bonds, coupon - 8%, paid annually $1.0 (maturity - 10 years, current yield to maturity - 7%) 3.0 Preferred stock (par value $20 per share) 7.0 Common stock (par value $0.10) 21.0 Additional paid-in stockholders' equity Retained earnings $32.0 Total Total Please show your work! Examine the following book value balance sheet for University Products Inc. The preferred stock currently sells for $12 per share and pays a dividend of $2 a share. The common stock sells for $30 per share and has a beta of 1.8. There are 1 million common shares outstanding. The market risk premium is 8%, the risk-free rate is 3%, and the firm's tax rate is 21%. What is the WACC for University Products Inc.? BOOK VALUE BALANCE SHEET (Figures in $ millions) Assets Cash and short-term securities Accounts receivable Inventories Plant and equipment Liabilities and Net Worth Bonds, coupon - 8%, paid annually $1.0 (maturity - 10 years, current yield to maturity - 7%) 3.0 Preferred stock (par value $20 per share) 7.0 Common stock (par value $0.10) 21.0 Additional paid-in stockholders' equity Retained earnings $32.0 Total Total