(10 points) A corporation has 50,000 bonds outstanding with a 5% coupon rate, 14 years to maturity, paying annual coupons. The face value of each bond is $1,000 and the price of the bonds in the market is $950 per bond. The company has 1,000,000 shares of preferred stock which pay a $1.20 annual dividend and sell for $20 per share. The company has 2,000,000 shares of common stock, the market price of which is $50/share. The stock's beta is 1.11, the risk-free rate is 2% and the market risk premium is 8%. Assuming a 21% tax rate, what is the WACC of the company