Alloy Supply Co. has a new project that will require the company to raise $3,000,000. Acme has obtained $1,500,000 by issuing preferred stock and $1,000,000 by issuing common stock. Assume that required return on preferred stock is 6%, and the required return on common stock is 9%. Western National Bank will give $500,000 and wants 7% interest on the loan. What is the weighted average cost of capital to raise the $3,000,000? Assume that the tax rate is 30%.