A company has a target capital structure of 40% debt, 50% equity, and 10% preferred stock. The company's before-tax cost of debt is 8%, and its tax rate is 30%. The cost of equity is 12%, and the cost of preferred stock is 9%. The company has $5 million in outstanding debt with a yield to maturity of 10%, and $2 million in outstanding preferred stock with a dividend rate of 8%. The company's net income is $3 million, and it has 1 million shares of common stock outstanding with a market price of $50 per share. Calculate the company's weighted average cost of capital (WACC).