The Saunders Investment Bank has the following financing outstanding.

Debt:80,000 bonds with a coupon rate of 11 percent and a current price quote of 112.0; the bonds have 20 years to maturity. 250,000 zero coupon bonds with a price quote of 19.5 and 30 years until maturity.

Preferred stock:170,000 shares of 9 percent preferred stock with a current price of $74, and a par value of $100.

Common stock:2,800,000 shares of common stock; the current price is $60, and the beta of the stock is 1.25.

Market:The corporate tax rate is 40 percent, the market risk premium is 7 percent, and the risk-free rate is 4 percent.

What is the WACC for the company?