Calculate the WACC for Martin Industries given:

A tax rate of 34%, the market return is 13.2% and the risk-free rate is 4.5%.

7,500 preferred stock shares selling at $88/share with a 6% dividend rate.

265,000 common shares outstanding selling for $76/share. The stock has a beta of 0.92 and will pay a dividend of $2.48 next year. The dividend is expected to grow by 4% per year indefinitely.

8,500 coupon bonds outstanding with a 7.1% coupon rate and 14 years to maturity. The quoted price is 102.6. Interest is paid semiannually.