Sheridan 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 Sheridan Industries has a beta of 1.6 and the market riskfree rate is 3 percent and the expected return on the market is 9 percent. In addition to common stock, Sheridan has 550,000 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 $222,126,759. There are 2.5 million shares of common stock outstanding with a current market price of $96.00 per share. Compute the WACC for Sheridan Industries. (Round intermediate calculation to 4 decimal places, eg. 15.1253 and round final answer to 2 decimal places, es. 15.25\%.) WACC %