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Dinklage Corp. has 5 million shares of common stock outstanding.The current share price is $71, and the book value per share is$10. The company also has two bond issues outstanding. The firstbond issue has a face value of $80 million, a coupon rate of 4percent, and sells for 96 percent of par. The second issue has aface value of $65 million, a coupon rate of 3 percent, and sellsfor 108 percent of par. The first issue matures in 20 years, thesecond in 9 years.Suppose the most recent dividend was $4.35 and the dividendgrowth rate is 4.6 percent. Assume that the overall cost of debt isthe weighted average of that implied by the two outstanding debtissues. Both bonds make semiannual payments. The tax rate is 22percent. What is the company’s WACC? (Do not round intermediatecalculations and enter your answer as a percent rounded to 2decimal places, e.g., 32.16.)