A firm has 6,000,000 shares of common stock outstanding, each with a market price of $12.00 per share. It has 20,000 bonds outstanding, each selling for $900. The bonds mature in 10 years, have an annual coupon rate of 7%, and pay coupons semi-annually, resulting in a yield to maturity of 8.5%. The firm has issued no preferred stock. The firm's equity has a beta of 1.4 , the expected market return is 15%, and the risk free rate is 5%. The tax rate is 35%. Calculate the weighted average cost of capital (WACC)