4. JLP Industries has 6.5 million shares of common stock outstanding, with a market price of $20.00 per share. The company also has preferred stock outstanding with a market value of $10 million, and 25,000 bonds outstanding, each with face value $1,000 and selling at 90 percent of par value. The cost of equity is 14 percent, the cost of preferred is 10 percent, and the cost of debt is 6.25 percent. If JLP's tax rate is 34 percent, what is the WACC