Jefferson International has 4 million shares of common stock outstanding, 1 million shares of preferred stock outstanding, and $75 million loans (from banks) outstanding. The common stock's price is $55 per share and the preferred stock's price is $45 per share currently. The common stock has a beta of 1.1. The preferred stock pays a $4 annual dividend per share. The average interest rate on loans is 9%. The risk-free rate is 3.5% and the market risk premium is 7.2% currently. The corporate income tax rate is 34%. Compute Jefferson's WACC.