Cadeen Construction Company Limited (CCCL) has the following capital structure, which is considered to be optimal.

Debt 20%

Preferred 15%

Common Stock 65%

Total 100%

CCCL's tax rate is 35% and investors expect earnings and dividends to grow at a constant rate of 6% in the future. CCCL paid a dividend of $3.70 per share last year, and its stock currently sells at a price of $60 per share. CCC's beta is 1.8, the risk-free rate is 6% and the market risk premium is 5%. New preferred stock could be sold to the public at a price of $100 per share with a dividend of $9 and a flotation cost of $5 per share would be incurred. Debt could be sold at an interest rate of 9%. Calculate the WACC for Cadeen Construction Company Limited (CCCL) using Capital Asset Model (CAPM)