ABC Co. is considering to start a project worth PkR50mn, which will financed by the following.

80,000 10%Preferred stock of Rs 20 to be issued for PkR 18 per share.

40,000, 8% Rs 1000 Bonds to be issued for Rs 920 each.

For the remaining amount, Rs 10 Common Stock with a price of Rs 12 in the market. The Company has just declared a Rs 2.5 dividend on its common stock, which will grow at a constant rate of 3%.

The tax rate is 40%.

Find the Projects WACC assuming the company has no other liability and equity.