Assume that you have been hired as a consultant by Baker, Inc., a major producer of PPE used in the fight against COVID-19, to estimate the firm's weighted average cost of capital. The balance sheet and some other information are provided below. Assets Current assets Net plant, property, and equipment Total assets $48,000,000 $101.000.000 $149.000.000 Liabilities and Equity Accounts payable $10,000,000 Accruals $9.000.000 Current liabilities $19,000,000 Long-term debt (30,000 bonds, $1,000 par value) $30.000.000 Total liabilities. $49.000.000 Common stock (10,000,000 shares) $40,000,000 Retained earnings $60.000.000 Total shareholders' equity $100.000.000 Total liabilities and shareholders' equity $149.000.000 The stock is currently selling for $12.25 per share, and its noncallable $1,000.00 par value, 20-year, 4.00% coupon bonds with semiannual payments are selling for $1,105.41. The beta is 1.45, the yield on a 6-month Treasury bill is 3.50%, (Risk Free Rate). The required return on the stock market is 8.50%, and the firm's tax rate is 25%. What is the best estimate of the firm's WACC? Do not round your intermediate calculations.