Antelope Enterprises has 6 million ordinary shares outstanding that are currently priced at $5 each and have a beta of 0.9. The required return on ordinary equity is 8.5% per annum. The company has 500,000 preference shares trading at $5.50 each. The Face Value of the preference shares is $4 each and the dividend rate is 5% per annum. The company's bonds have a total market value of $6,500,000, they have a coupon rate of 3% p.a. and current yield to maturity is 2.5% per annum. The risk free rate is 2.5% p.a. and the company tax rate is 30%. What is Antelope Enterprises WACC?