The Saunders Investment Bank has the following financing outstanding.

Debt:10,000 bonds with a coupon rate of 11 percent and a current price quote of 109.5; the bonds have 20 years to maturity. 180,000 zero coupon bonds with a price quote of 20.0 and 30 years until maturity.

Preferred stock:100,000 shares of 9 percent preferred stock with a current price of $84, and a par value of $100.

Common stock:2,100,000 shares of common stock; the current price is $70, and the beta of the stock is 1.40.

Market:The corporate tax rate is 35 percent, the market risk premium is 6 percent, and the risk-free rate is 3 percent.

What is the WACC for the company?