The Saunders Investment Bank has the following financing outstanding.

Debt: 20,000 bonds with a coupon rate of 12 percent and a current price quote of 110; the bonds have 20 years to maturity. 190,000 zero coupon bonds with a price quote of 20.5 and 30 years until maturity. Both bonds have a par value of $1,000. Assume semiannual compounding.

Preferred stock: 110,000 shares of 10 percent preferred stock with a current price of $85, and a par value of $100.

Common stock: 2,200,000 shares of common stock; the current price is $71, and the beta of the stock is 1.45.

Market: The corporate tax rate is 30 percent, the market risk premium is 5 percent, and the risk-free rate is 2 percent.

What is the WACC for the company?