Luxonr Inc. has the following capital structure based on market values: debt 55%, common equity 35%, and preferred equity 10%.

The company has preferred stock currently trading at $23 per share and paying a dividend of $2.75 per share.

The firm's beta is 0.93, the risk-free rate is 3.2%, and the market risk premium is 7%.

The firm has $12 billion book value of debt with a 5% coupon rate. The debt pays annual coupons and matures in six years. It is currently trading at 103% of par value.

If the firm's tax rate is 20%, what is Luxon WACC?