The following data refers to the capital structure of Pipo Corp. Click here for a shell excel file.

Debt: 15 years ago, company issued a 20-year corporate bond with a yield to maturity (YTM) of 12.5% then. Currently these bonds have a yield to maturity of 11%; the bonds make semiannual payments. These bonds trade currently at 120% of par. The book value of the bond reported in the balance sheet is $50 million.

Common stock: Shares of common are currently selling for $50 per share, have a par value of $10. Total book value for common stock reported in the balance sheet is $29 million. The stock has a beta of 1.20. Company just paid a dividend of $8.40 (D_o). The annual dividend growth rate for the future is expected to be 5% annually forever.

Preferred stock: 108,000 shares of 7.3% preferred stock selling at $80 per share. Par value is $100 per share.

Market: The market risk premium is 11% and the U.S.T-bill rate is 1%.

Pipo's tax rate is 40%.

What is the WACC for the firm?