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8. In 2021, Reneta currently has five debt issues outstanding. The value of the first debt is $ 0.1 billion, the second debt is $100 million, the third debt 74 million. Renata also has preferred stock. Reneta's common stock and preferred stock are equally distributed, and Reneta always maintains this ratio. The current market price of Reneta's common stock is $3.10 per share. The weighted average cost of debt is 5.7 percent. The Group has already taken significant debt, so the group is very cautious about taking new loan. The cyclical nature of the business, the uncertainty of raw material prices, technology, environment, and slow pace of liberalization can affect this business, For common stock, the company's estimated beta is 1.90. Treasury bills currently yield 4.5 percent. The company's preferred shares dividend is 58, and its preferred share price is $100. Renata always maintains an equal debt-equity ratio. Last year Reneta paid a dividend of 25 cents per share. This dividend is expected to grow at a rate of 3 per cent per year into perpetuity. With an applicable tax rate of 30%, calculate the weighted average cost of capital (WACC) for Reneta. Show detailed calculation. Kindly note that you must show a detailed calculation process. Without a detailed calculation process, marks will be deducted. Excel calculation will be ignored. 4 Designated area for pasting the pictures