Glendale Corporation has the following capital structure:

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Glendale Corporation has the following capital structure: $60 million (face value) of 11% bonds, which are selling at 95 and maturing after 10 years; 10 million shares of common stock selling at $10 each, with current dividend of $1.00 annually; and one million shares of preferred stock selling at $40 each and paying an annual dividend of $5. The common dividends are expected to grow at the rate of 3% annually, and the company’s marginal tax rate is 30%. Find the WACC of Glendale.

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