You are tasked with determining Fruitland Nursery$$s weighted average cost of capital based on the following information. $$ Bonds o There are currently $120,000$ bonds outstanding. o Fruitland$$s noncallable bonds have $9$ years to maturity, pay interest semiannually, have a coupon rate of $8\%,$ and sell for $$1,150$ per bond. $$ Preferred Stock o Fruitland$$s preferred stock pays an annual dividend of $$6$ and currently sells for $$70$ per share. Flotation costs for issuing new preferred stock is $5\%.$ o There are $200,000$ preferred shares outstanding. $$ Common Stock o Fruitland has $2\mathrm{.}6$ million shares of common stock outstanding. o The current price of common stock is $$85$ per share. The next expected dividend is $$4\mathrm{.}50$ and dividends are expected to grow at a constant rate of $6\%.$ Fruitland has determined that they will need to issue new shares of common stock in order to support their growth $($i$.$e$.,$ they cannot rely on retained earnings as a source of common stock financing$).$ The flotation cost to issuing new shares of common stock is $4\%.$ Fruitland$$s tax rate is $35\%.$