Please answer the following question:
Question 1: A firm has preferred stock outstanding paying a dividend of $8.73 per year, currently trading in the market for $110.1. What is the cost (required return) of the preferred stock? Enter answer in percents.
Question 2: Pidgin Co. is financed 30 percent debt, and the rest with equity. The cost of debt is 6.4%, and the cost of equity is 11.4%. If the firm's marginal tax rate is 34%, what is Pidgin's WACC? Enter answer in percents.
Note: Please explain comprehensively and give step by step solution.