The balance sheet of a company shows $ 100 million of total assets, $ 50 million long-term debt with 10 years maturity paing 6 % annual interest, and $ 6 million preferred stock paying an annual dividend of 5 %, i.e. $ 3 per share. The company has 10 million shares of common stock trading for $8 per share. The company can issue additional long-term debt at a yield to maturity of 8 percent, and preferred stock at $ 58 per share. Any new equity issue would require flotation costs of 10 percent. The risk-free rate is 3 %, the market risk premium is 5 %, the companys beta is 1.20, and it faces a marginal tax rate of 21 %. Calcule WACC