GRRR Inc. (GRRR) has 5 million common shares outstanding. Each share sells for $24 per share and the GRRR management is expected to set the next annual dividend at $2.25 per share. Investors, analysts and stakeholders all expect the future dividends of GRRR to grow indefinitely by 8% per year. The stock has a beta of 2.2, the current risk-free rate is 5.5%, and the expected return on the market is 11%. GRRR also has 1 million shares of 5% preferred stock outstanding, with these shares selling for $44 per share. The company has 150,000, 15-year, 9% annual bonds outstanding which are currently selling at 112.00. GRRR is in the 21% tax bracket and expects to be able to take full advantage of any interest tax shields. What is the firms WACC?

HINT - Absent guidance concerning which estimate (CAPM or Constant-Growth) is more appropriate; the best approach is to calculate both and use the average!