The Monarch Corporation has just expanded to include the Umbrella Corporation. Combined, these two companies now have 900,000 shares of preferred stock outstanding selling at a market to book rate of 1.5. The preferred stock has a beta of 1.3 in a market returning 9.5% with a risk free rate of 2.27%. The corporation has $850M outstanding in common stock with a return of 16.7%. The debt is structured at $734M in book value selling at 104%. It has a 10% coupon and will mature in 8 years. The book value of the preferred stock is $500M. The corporation is in the 14% tax bracket. 

What is the WACC?