Company ABC has 4-year semiannual bonds outstanding. The bond's coupon rate is 8% and it is selling at $960. The total value of the bonds is $10M.

The company also has preferred stocks which are worth $5M. The preferred stock pays a dividend of $2 a share and currently sells at $20.00 a share.

The common stocks of the company are worth $20M.

The beta of the common stock is 1.5, the market risk premium is 8%, the risk free rate is 5%, and the firm's tax rate is 30%

What is the company's WACC? Please provide step by step instructions.