royalty products has 140,000 shares of common stock outstanding at a market price of $27 per share. next year's annual dividend is expected to be $1.43 per share and the dividend growth rate is 2 percent. the company also has 2,500 bonds outstanding with a face value of $1,000 per bond. the bonds have a pretax yield of 7.35 percent and sell at 98.2 percent of face value. the company's tax rate is 21 percent. what is the weighted average cost of capital? remember to show all work for each step from setting up formulas to final result to receive credit
