Penguin Enterprises has 6 million ordinary shares outstanding that are currently priced at $5 each and have a beta of 0.9. The company has 500,000 preference shares trading at $5 each. The market yield on the preference shares is 4% per annum. The company's bonds have a total market value of $6,500,000, have a coupon rate of 3% p.a. and current yield to maturity is 3.5% per annum. The market risk premium is 5.5% p.a., the risk-free rate is 2.5% p.a., and the company tax rate is 30%.

What is Penguin Enterprises WACC?