A corporation has 10,000 bonds outstanding with a 4% annual coupon rate, ten years to maturity, a $1,000 face value, and a $1,100 market price. The companys 100,000 preference shares pay a $2 annual dividend and sell for $20 per share. The companys 500,000 ordinary shares sell for $35 per share and have a beta of 1.5. The risk-free rate is 3%, and the market return is 8%. Finally, the tax rate is 20%.

What is the companys weighted average cost of capital (WACC)?