Kingbird Industries has 9 percent coupon bonds outstanding. These bonds have a market price of $951.39, pay interest semi-annually, and will mature in 6 years. The tax rate is 35 percent. The common shares of Kingbird Industries have a beta of 2 , the market risk-free rate is 5 percent, and the expected return on the market is 8 percent. In addition to common shares, Kingbird has 420,000 preferred shares outstanding that pay a quarterly dividend of $0.60 per share and are currently trading for $20 a share. The company's outstanding bonds have a face value of $176,025,000. There are 1.67 million common shares outstanding with a current market price of $98 per share. Compute the WACC for Kingbird Industries. (Round intermediate calculations to 4 decimal places, e.g. 0.4235 and final answer to 2 decimal places, e.g. 15.25\%.)