Calculate WACC given the following:

rs = 16%, rd = 10%, rps = 14%, wd = 40%, ws = 50%, wps = 10%, T=21%

A companys $100 par 4% preferred stock is currently trading at $60 per share. Its common stock trades at $40 per share, and the dividends last year totaled $1/share. Common stock dividends are expected to grow at 5% per annum for the foreseeable future. Debt for the company has a YTM of 4%, and its tax rate is 21%. If the market values of debt, preferred stock, and common stock are, respectively, $30 million, $5 million, and $70 million, what is the WACC?

(Hint: don't forget to project out next year's dividends when calculating dividend yield!)

(Don't round intermediate calculations and give at least 4 significant digits in your answer)