Suppose that a firm had the following financing on the latest balance sheet, where the amounts are the market values. AMOUNT OF FINANCING PROPORTION OF TOTAL FINANCING Debt $15 million 30% Preferred stock 5 million 10 Common stock equity 30 million 60 50 million 100% Also, suppose that the firms after-tax costs for the component sources of financing are: COST Debt 5.6% Preferred stock 9.2% Common stock 13.0 %

Calculate the firms WACC.