Tysseland Companys market and book value capital structures are shown below. There are no preferred stock and short-term debt:

Capital Component	Market value	Book Value
Debt	$5,000,000	$5,000,000
Common equity	$60,000,000	$40,000,000

Bonds have an 8% coupon rate, and they sell at par. Common stock is currently selling at $30 a share. The stockholders required rate of return is estimated to be 12%, consisting of a dividend yield of 4% and an expected growth rate of 8%.(The next expected dividend is $1.20, so the dividend yield is $1.20/$30 = 4%.)The marginal tax rate is 40%. What is Tysselands WACC?