The current stock price for a company is $42 per share, and there are 8 million shares outstanding. The beta for this firms stock is 1, the risk-free rate is 4.5, and the expected market risk premium is 6.2%. This firm also has 80,000 bonds outstanding, which pay interest semiannually. These bonds have a coupon interest rate of 9%, 8 years to maturity, a face value of $1,000, and an annual yield to maturity of 7.9%. If the corporate tax rate is 33%, what is the Weighted Average Cost of Capital (WACC) for this firm? (Answer to the nearest hundredth of a percent, but do not use a percent sign).

Please provide steps for answers.

The correct answer is 9.61