The Saunders Investment Bank has the following financing outstanding.

Debt:

150,000 bonds with a coupon rate of 11 percent and a current price quote of 108; the bonds have 20 years to maturity. 320,000 zero coupon bonds with a price quote of 16 and 30 years until maturity. Assume semiannual compounding.

Preferred stock:

240,000 shares of 9 percent preferred stock with a current price of $67, and a par value of $100.

Common stock:

3,500,000 shares of common stock; the current price is $53, and the beta of the stock is .9.

Market:

The corporate tax rate is 25 percent, the market risk premium is 8 percent, and the risk-free rate is 5 percent. What is the WACC for the company?