Jagannath Aeronauticals Ltd (JAL) has 10 million shares of common stock outstanding, 2 million shares of 5 percent preferred outstanding, and 250,000 $1,000 par, 10 percent semiannual coupon bonds outstanding. The stock sells for $45 per share and has a beta of 1.4, the preferred stock sells for $50 per share, and the bonds have 10 years to maturity and sell for 90 percent of par. The market return as proxied by S&P 500 returns are 11 percent, T-bills are yielding 5 percent, and the firm's tax rate is 30 percent. What is JAL's WACC