Pitya Pidies Lid (PPL) has 2 million shares of common stock outstanding, 1 million shares of 6 percent preferred outstanding, and 300,00051,000 par, 7 percent semiannual coupon bonds outstanding. The stock sells for $70 per share and has a beta of 1.8 , the preferred stock sells for $40 per share, and the bonds have 15 years to maturity and sell for 80 percent of par. The market return as proxied by Dow Jones are 12 percent, T-bills are yielding 4 percent, and the firm's tax rate is 35 percent. What is PPL's WACC? [8]