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The Saunders Investment Bank has the following financingoutstanding.Debt:10,000 bonds with a coupon rate of 11 percent and a currentprice quote of 109.5; the bonds have 20 years to maturity. 180,000zero coupon bonds with a price quote of 20 and 30 years untilmaturity. Both bonds have a par value of $1,000. Assume semiannualcompounding.Preferred stock:100,000 shares of 9 percent preferred stock with a currentprice of $84, and a par value of $100.Common stock:2,100,000 shares of common stock; the current price is $70, andthe beta of the stock is 1.4.Market:The corporate tax rate is 35 percent, the market risk premiumis 6 percent, and the risk-free rate is 3 percent.What is the WACC for the company? (Do not roundintermediate calculations. Enter your answer as a percent roundedto 2 decimal places, e.g., 32.16.)