Raisin Bran Inc., has 16,567 bonds with a 1.49 percent coupon outstanding, $1,000 par value, 14 years to maturity, selling at par; the bonds make semiannual payments. The company has 234,409 shares of common stock outstanding, selling for $51.02 per share; the beta is 1.6. The expected return on the market is 11.88 percent and the risk-free rate is 2.17 percent. The company also has 96,667 shares of 4.02 percent preferred stock outstanding, currently selling for $49.49 per share. Assume the companys tax rate is 28 percent, what is its WACC?