Disney Land has 5 million shares of outstanding common stock. Current share price is $65, and the book value per share is $4. Disney Land also has two bond issues outstanding. The first bond issue has a face value of $50 million, has a coupon rate of 5%, and sells for 90% of par. The second issue has a face value of $35 million, has a coupon rate of 4%, and sells for 102% of par. The first issue matures in 20 years, the second in 5 years.

Suppose the most recent dividend was $4.05 and the dividend growth rate is 3.9%. Assume that the overall cost of debt is the weighted average of that implied by the two outstanding debt issues. Both bonds make semiannual payments. The tax rate is 21 %. What is the companys WACC?