Sandhill Industries has 8 percent coupon bonds outstanding. These bonds have a market price of \$954.41, pay interest semiannually, and will mature in six years. The tax rate is 35 percent. The common stock of Sandhill Industries has a beta of 1.6 and the market riskfree rate is 4 percent and the expected return on the market is 9 percent. In addition to common stock, Sandhill has 500,000 preferred shares outstanding that pay a quarterly dividend of $0.80 per share and are currently trading for $20.00 a share. The company's outstanding bonds have a face value of $223,174,527. There are 2.5 million shares of common stock outstanding with a current market price of $96.00 per share. Compute the WACC for Sandhill industries. (Round intermediate calculation to 4 decimal places, es. 15.1253 and round final answer to 2 decimal places, eg. 15.25\%) WACC %