Ivanhoe Industries has 8 percent coupon bonds outstanding. These bonds have a market price of $954.41, pay interest semiannually, and will mature in 6 years. The tax rate is 35 percent. The common stock of Ivanhoe Industries has a beta of 1.6 and the market risk-free rate is 4 percent and the expected return on the market is 9 percent. In addition to common stock, Ivanhoe has 500,000 preferred shares outstanding that pay a quarterly dividend of $0.4 per share and are currently trading for $20 a share. The companys outstanding bonds have a face value of $245,177,649. There are 1.50 million shares of common stock outstanding with a current market price of $100 per share. Compute the WACC for Ivanhoe Industries.