Pine Tree Farms Corporation (PTFC) has a target capital structure of 20% debt, 10% preferred stock, and 70% common equity. Currently PTFC has a capital structure of 70% debt, 10% preferred stock, and 80% common stock. The after tax cost of debt is 4.5%. The preferred stock has a par value of $100 per share, a $5 per share dividend, and a market price of $70 per share. The common stock of PTFC trades at $97 per share and has a projected dividend (D1) of $2.60. The stock price and dividend are expected to continue to grow at 7% per year for the foreseeable future. What is PTFC’s weighted average cost of capital (WACC)? (Show Formula's)