Problem:

Mullineaux Corporation has a target capital structure of 61 percent common stock, 6 percent preferred stock, and 33 percent debt. Its cost of equity is 14.1 percent, the cost of preferred stock is 7.1 percent, and the cost of debt is 8.8 percent. The relevant tax rate is 34 percent.

Required:

Question 1: What is the WACC?

Question 2: Find out aftertax cost of debt?

Note: Please provide full description.