Heavy Metal Corp. is a steel manufacturer that finances its operations with 37% debt, 14% preferred stock, and 49% common equity. The interest rate on the companys debt is 11%. The preferred stock pays an annual dividend of $3 and sells for $25 a share. The companys common stock trades at $40 a share, and its current dividend (D₀) of $2.70 a share is expected to grow at a constant rate of 9% per year. The flotation cost of common equity is 15% of the dollar amount issued, while the flotation cost on preferred stock is 10%. The companys tax rate is 33%. Assume that the firm will not have enough retained earnings to fund the equity portion of its capital budget. What is the companys WACC?