XYZ Industries has 6.5 million shares of common stock outstanding with a market price of $14 per share. The company also has outstanding preferred stock with a market value of $10 million, and 25,000 bonds outstanding, each with face value $1,000 and selling at 90% of par value. The cost of equity is 14%, the cost of preferred is 10%, and the cost of debt is 7.25%. If XYZ's tax rate is 34%, what is the WACC? A) 9.5% B) 10.0% C) 10.8% D) 11.6% E) 12.0%