Consider a firm's 3.5% preferred stock is selling for $32 (par value $25 ) per share. The firm's common stock is selling for $18.96 per share and paid dividends last year of . 65 cents per share. Dividends are expected to grow at 2% annually for the foreseeable future. Debt for the firm has a YTM of 4.25% with a tax rate of 29%. If the market values today of these components of the firm's capital structure are debt $20M, preferred stock $2M, and common stock $42M, what is the firms WACC? Show your work