Pre$-$acquisition data for Fossil the Acquirer and Jersey the target in a merger transaction are given below.

Fossil Jersey

Market Capitalization $($millions$)4000500$

Beta $0\mathrm{.}91\mathrm{.}3$

Total Debt $1200250$

In addition, the cost of borrowing for the combined firm is expected to be $200$ basis points above treasury. The combined firm is expected to maintain a target debt$-$to$-$equity ratio of $30\%.$ The treasury bond rate is $3\%$ and market risk premium is $5\mathrm{.}5\%.$ Assuming a tax rate of $20\%$ for all firms, calculate the weighted average cost of capital for the combined firm.