HiLife Ltd's latest balance sheet shows a long-term debt of $30 million and shareholders' funds of $50 million. HiLife issued 10-year bonds exactly 7 years ago, each with a face value of $1,000 and an annual coupon rate of 9%. The coupon is paid annually at the end of each year. The bonds are currently trading at a yield of 6.0% p.a. HiLife has 50 million shares on issue and the current share price is $4.00. The company's share beta is 1.50, the market risk premium is estimated at 7.0% p.a., the yield on government bonds is 2.0% p.a., and the company tax rate is 28%. Calculate WACC