A company has $103 million in outstanding bonds, and 10 million shares of stock currently trading at $22 per share. The bonds pay an annual coupon rate of 9%, is trading at par, and is non-callable. The company's beta is 1, its tax rate is 40%, the risk-free rate is 5%, and the market risk premium is 4%. The firm recently paid a dividend of 50 cents per share, and the dividend is expected to grow at a rate of 4.5% per year forever. Long term liabilities represent 85% of all liabilities. What is this firm's WACC?