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  3. p.e.n. exploration has a total face value of $1649

P.E.N. Exploration has a total face value of $1649000 in zero-coupon bonds outstanding, which are...

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P.E.N. Exploration has a total face value of $1649000 in zero-coupon bonds outstanding, which are currently trading a price of $970 per $1000 face value and have a yield-to-maturity of 5%. P.E.N. also has 100000 common shares outstanding with a market value of $41 per share, and a cost of equity of capital of 12%. The current tax rate is 25%. What is P.E.N.'s weighted average cost of capital? Enter your answer as a percent rounded to 2 decimal places. For example, if your answer is 0.1234, enter 12.34 without the percent sign

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