Ziggy Ltd has $1000000$ shares in issue and is currently paying a dividend of R$2$ per share with a growth of $5\%.$ The shareholders require a rate of return of $24\%.$ The preference shares have no conversion rights and carry a dividend pay$-$out ratio of $15\%.$ Similar preference shares are currently trading at $12\%.$ The long$-$term loan matures in $10$ years and carries an interest rate of $16\%.$ Current long$-$term interest rates for a similar loan are $18,34\%.$ Bank overdraft rate is $20\%$ and the tax rate is $40\%.$ Ordinary issued shares R $5000000$ Non$-$distribuable reserves R $600000$ Retained income R $400000$ Irredeemable preference shares R$2000000$ Long$-$term loans R$1000000$ Bank overdraft R $300000$ Deferred taxation R $600000$ Required: $3\mathrm{.}1$ Calculate the WACC at market value.