Sound &Vision Studios (SVS) has 5 million common shares outstanding which sell for $24 per share. SVS management is expected to set the next annual dividend at $2.25 per share, and investors and analysts expect all future dividends to grow by 7% per year, indefinitely. The current risk-free rate is 5.50%, the expected return on the market is 11%, and the stock has a beta of 2.2. SVS also has 1 million shares of 5% preferred stock outstanding (par value of $100) selling for $44 per share and 150,000 15-year, 9% annual coupon bonds outstanding, currently selling for 112% of par. If SVS is in the 35% tax bracket, then what is the firm's WACC?