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Question - Consider the following information for Watson Power Co.: Debt: 3,000 5.5 percent coupon bonds outstanding, $1,000 par value, 22 years to maturity, selling for 103 percent of par; the bonds make semiannual payments. Common stock: 72,000 shares outstanding, selling for $64 per share; the beta is 1.13. Preferred stock: 9,500 shares of 5 percent preferred stock outstanding, currently selling for $105 per share. Market: 7.5 percent market risk premium and 4 percent risk-free rate. Assume the company's tax rate is 32 percent. Find the WACC.
a. 8.33%
b. 8.83%
c. 8.52%
d. 8.43%
e. 9.03%
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