Titan Mining Corporation has 7.5 million shares of common stock outstanding, 275,000 shares of 4.7 percent preferred stock outstanding, and 160,000 bonds with a semiannual coupon rate of 5.6 percent outstanding, par value $2,000 each. The common stock currently sells for $62 per share and has a beta of 1.10, the preferred stock has a par value of $100 and currently sells for $94 per share, and the bonds have 18 years to maturity and sell for 108 percent of par. The market risk premium is 7.2 percent, T-bills are yielding 3.4 percent, and the company's tax rate is 24 percent.

What is the firm's market value capital structure?

If the company is evaluating a new investment project that has the same risk as the firm's typical project, what rate should the firm use to discount the project's cash flows?