Brookfield Railway Ltd has the following securities outstanding:

• Corporate bond: 20,000, 5.0% coupon bonds outstanding, at $1,000 face value, with 15 years to maturity. The bond is currently trading at par value.
• Ordinary shares: 1,000,000 ordinary shares selling for $50 per share. The share will pay a dividend of $3 next year. The dividend is expected to growth by 4% per year indefinitely.
• Preference shares: 125,000, 6% preference shares (face value of $100) selling at $80 per shares.

Assume tax rate is 30%.

Calculate the WACC for Brookfield Railway Ltd.