Sound & Vision Studios (SVS) has 5 million common shares outstanding, which sell for $24 per share. SVS is expected to set the next annual dividend at $2.25 per share, and investors expect all future dividends to grow by 8 percent per year, indefinitely. SVS also has 1 million shares of 5 percent preferred stock outstanding (par value=$100), with these shares selling for $44 per share, and 150,000 15-year, 9 percent annual coupon bonds outstanding, currently selling for 112 percent of par. If SVS is in the 35 percent tax bracket, what is the firms WACC?