Appa, Inc. is currently trading at $26 per share. It has 100 million shares outstanding. The company has issued bonds that are trading at 80 percent of its par value. The bonds pay just one coupon per year and have a total book value of $500 million. The current yield on the bonds is 10 percent per annum. The risk-free rate is 5 percent and the expected return on the market is 15 percent. Market analysts estimates that Appa has a beta of 1.5. The company is subject to a corporate tax rate of 35 percent. What is Appas WACC?