Microsoft Industries has 20 million shares of common stock outstanding with a market price of $20.00 per share. The company also has 4 million preferred shares with a market price of $10.00 The company has 100,000 bonds selling at $950. The cost of equity is 12%, the cost of preferred is 9%, and the cost of debt is 7% before tax. If Microsoft's tax rate is 30%, what is the WACC (Weighted Average Cost of Capital)?

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