Tangent Motors Limited (TML) wants you to estimate its WACC. TML has a policy of financing all its assets with 37% debt, 18% preference shares and the balance with ordinary shares. The company has been advised that a new bank loan would cost 8.9%. TML preference shares have a market yield of 12% and the ordinary shares have a market price of $13.80, they just paid a dividend of $1.20 and this dividend has been growing at 5% a year. If TML tax rate is 30% what is their WACC?