Al Mutlaq associates has outstanding bonds with a YTM of 11% and the coupon rate of 10%. They are in the 20% tax bracket. They wish to maintain a capital structure of 35% debt, 10% preferred stock and 55% common equity. Rahaf can sell preferred shares for $109 that will pay an annual dividend of $11. Common shares currently sell for $49 and recently paid a per share dividend of $2. This dividend is expected to grow at a constant 8%. What is the WACC?