A firm raises funds by selling a package of equity, debt, and preferred stock.

The details of the package are:

1) Equity sold for $20 million. Expected perpetual dividends to buyers are $2.02 million per year.

2) Preferred stock sold for $5 million. Expected perpetual dividends to buyers are $0.4 million per year.

3) Debt sold, perpetual risk-less (guaranteed) coupon payments to be $4 million a year and is discounted at a rate of 3.87% per year.

Assume no taxes, and other Modigliani-Miller assumptions also hold.

What is the WACC for the firm?