Mirion Tech, Inc., has rE of 12 percent, an rD of 6 percent, at a debt-equity ratio of 0.50. Mirion plans to raise enough preferred stock to retire half of their outstanding common stock, which currently has a market value of $7 million. If the preferred stock has an expected rate of return of 10 percent, what is the new WACC? (Assume a 35 percent marginal corporate tax rate and that rD remains at 6 percent.)