you must recommend to the client a new structure that minimizes their ongoing cash flow cost for service of their outstanding obligation. any of the securities listed can we bought out in part or whole through open market transactions, albeit over a period of weeks. a new issue of any security can be done at current deals calculate the weighted average cost of capital considering a tax rate of 35%

Security Type Amount ($) Term (years) Coupon/Dividend Market Price Current Yield/Dividend Yield 100,000,000 15 8.5% semi-annual 8.25 Secured Mortgage Bond 3 10% 6.0 6 7% 7.5 debenture 50,000,000 debenture 25,000,000 debenture 35,000,000 Preferred 45,000,000 shares 4.5 9% 7 4 $1.50 23.50 150,000,000 .55 45.00 Common shares (voting)