Next, Inc. has a target capital structure of $70\%$ common stock, $10\%$ preferred stock, and $20\%$ debt. It uses the CAPM to calculate the cost of equity. The company's beta is $1\mathrm{.}10,$ the $20-$year treasury is $4\mathrm{.}5\%$ and the ERP is $5\mathrm{.}0\%.$ The company's preferred stock has a dividend stated rate of $4\mathrm{.}0\%$ and its current market yield is $4\mathrm{.}5\%,$ and its outstanding bonds have a coupon of $7\mathrm{.}0\%$ and a yield to maturity of $6\mathrm{.}0\%.$ The company's tax rate is $25\%.$

What is the company weighted average cost of capital?