Raisin Bran Inc., has 14,754 bonds with a 6.53 percent coupon outstanding, $1,000 par value, 11 years to maturity, selling at par; the bonds make semiannual payments. The company has 562,643 shares of common stock outstanding, selling for $44.14 per share; the beta is 1.74. The expected return on the market is 11.21 percent and the risk-free rate is 2.22 percent. The company also has 19,441 shares of 1.74 percent preferred stock outstanding, currently selling for $74.47 per share. Assuming the companys tax rate is 25 percent, what is its WACC?