An all equity financed company currently has a beta of $1\mathrm{.}2$ and a marginal tax rate of $20\%.$ The expected return on the market is $8\%.$ The risk$-$free rate of return is $3\%.$ The company's before$-$tax cost of debt is $5\%.$

The company decides to alter its capital structure and will target $50\%$ debt, which will remain constant. What is this company's new weighted average cost of capital $($WACC$)?$