Mt. Carmel Mines Ltd has $1,000,000 of debt, $300,000 of preference shares, and a sum of S18, 000,000 of ordinary equity. The company's after-tax cost of debt is 5.25%, preference. shares have a cost of 6.35%, and newly issued ordinary shares according to Bloomberg, have a beta equal to 1.5, the market risk premium is 7% and the current yield on an Australian 10-year Government bond is equal to 4 % p.a. What is CML's weighted average cost of capital?