Financial planners at Consolidated Product Mfg. Inc. need to compute the weighted average cost of capital (WACC) so they can discount their projected cash flows. The firm has $300 million in common equity, $300 million in nonrecurring debt, and $300 million in recurring debt. The required rate of return on common equity is 10%. The cost of nonrecurring debt is 6.25%, and the cost of recurring debt is 3.75%. The corporate tax rate is 20%. What is the firms WACC?