Velocity Auto Corporation has 350,000 shares of common stock, currently trading at $50/share. The common stock of Velocity Auto Corporation is expected to pay a dividend next year of $2.00/share, and it has a Beta calculated at .95. It also has 50,000 shares of preferred stock, trading at $90/share. The preferred stock pays dividends of 8%. Finally, Velocity Auto Corporation has 20,000 bonds currently trading at $900/bond. The coupon rate is 5%, and the bonds will mature in 16 years. Velocity Auto Corporation expects its dividends to grow at a rate of 6%/year, and it is in a 30% tax bracket. It estimates that the risk free rate of return is 3% and the market rate of return is 11%. Calculate the WACC for Velocity Auto Corporation. Be sure to show all your work. NOTE: When calculating the cost of equity, compute the cost using the CAPM method and the DCF (Dividend Constant Growth Method) and average the two.