A firm has three components in its capital structure: debt, preference shares and ordinary shares. The before-tax cost of debt is 3.4%, the before-tax cost of preference shares is 7.4% and the before-tax cost of ordinary shares is 11.4%. The proportion of debt in the capital structure is 24%, the proportion of preference shares is 7% and the proportion of ordinary shares is 69%. The corporate tax rate is 30%.

What is the firm's Weighted Average Cost of Capital? 8.96%