Santos Ltd has the following securities outstanding:

Corporate bond: 10,000, 5.0% coupon bonds outstanding, at $1,000 face value, with 15 years to maturity. The bond is currently trading at 100% of the par value.

Ordinary shares: 1,000,000 ordinary shares selling for $20 per share. The share will pay a dividend of $3 in perpetuity.

Preference shares: 160,000, 5% preference shares (face value of $100) selling at $62.5 per shares.

Assume tax rate is 20%. Calculate the WACC for Santos Ltd.