A company has $$3$ million in bank debt and $$5$ million in stock outstanding $($market capitalization$).$ The bank debt is at a rate of $4\mathrm{.}5\%$ and the stock has a beta of $1\mathrm{.}2.$ The risk free rate is $1\%,$ the market risk premium is $8\%$ and the tax rate is $20\%.$ What is the company's weighted average cost of capital $($WACC$)?$