The Big Lake Barbecue Co. has the following capital structure:

Bonds $45,000,000

Preferred Stock $18,000,000

Common Stock $95,000,000

Retained Earnings $68,000,000

The specific costs of capital are as follows:

Bonds 6.1%

Preferred Stock 7.9%

Common Stock 11.8%

Retained Earnings 10.7%

Calculate the WACC Use 4 decimal places in your calculations can round to 2 decimal places in your final answer