Sparrow Inc. currently has 2.5 million shares of common stock, 80,000 bonds, and 750,000 shares of 7% preferred stock outstanding. The bonds are currently selling at face value, and similar bonds yield 7.5%. The preferred stock has a face value of $100 per share and is selling at $65 per share. The common stock currently sells for $42 per share and has a beta of 1.34. The U.S. Treasury bill is yielding 2.8% and the return on the market is 11.2%. If Sparrow Inc. faces a 38% tax rate, what is their WACC? (Calculations must be shown for credit.)