Alpha & Omega Plc has issued share capital of 35 million ordinary shares at £2.50 each. Three years ago, it issued £50,000,000 worth of 5% long-term corporate bonds. The market price of ordinary shares is £3 per share, and bonds are currently valued in the market at par. Dividends and interest are payable annually and have both been paid recently. Total dividend payments in recent years have been as follows: 

Year £ 2017 3 million 2018 4 million 2019 5 million 2020 6 million

Alpha & Omega currently pays corporation tax at 45% and this rate is expected to continue in the future. 

Calculate the weighted average cost of capital (WACC) for Alpha & Omega Plc, precisely the cost of each of the two sources of capital in this case.