PNB Industries has 20 million shares of common stock outstanding with a market price of $19.00 per share. The company also has outstanding preferred stock with a market value of $40 million, and 400,000 bonds outstanding, each with face value $1,000 and selling at 98 percent of par value. The cost of equity is 16 percent, the cost of preferred is 13 percent, and the cost of debt is 9 percent. If PNB's tax rate is 40 percent, what is the WACC?