1) Suppose a firm has a stock price of $48 with 2 million shares of stock outstanding. $20 million of preferred stock, and $56 million of bonds. Further suppose an 8.1% before-tax cost of debtan 8.7% cost of preferred stock, and a 12.7% cost of equity What is the WACC? Assume a 32% tax rate. (Provide your answer in percentage with two decimal places.)