$8.$ You were hired as a consultant to Locke Company, and you were provided with the

following data: Target capital structure: $50\%$ debt, $10\%$ preferred, and $40\%$ common equity.

The interest rate on debt is $8\mathrm{.}5\%,$ the yield on the preferred is $8\mathrm{.}0\%,$ the cost of retained

earnings is $13\mathrm{.}50\%,$ and the tax rate is $40\%.$ The firm will not be issuing any new stock. What is the

firm$$s WACC?