Raisin Bran Inc., has 16,535 bonds with a 7 percent coupon outstanding, $1,000 par value, 20 years to maturity, selling at par; the bonds make semiannual payments. The company has 550,484 shares of common stock outstanding, selling for $65.27 per share; the beta is 2.48. The expected return on the market is 11.97 percent and the risk-free rate is 2.39 percent. The company also has 23,452 shares of 4.67 percent preferred stock outstanding, currently selling for $64.59 per share. Assuming the companys tax rate is 23 percent, what is its WACC?