You are given the following information for Hyperion Manufacturing. Assume the companys tax rate is 40 percent.

Debt: $2M in Total Debt Financing with a YTM of 8%.

Common stock: 500,000 shares outstanding, selling for $3 per share; the beta is 1.5, with a 12% market risk-premium and 3.00% risk-free rate.

Preferred stock: 100,00 shares of preferred stock outstanding, currently selling for $50 per share, and an expected dividend of $5.

What is the company's WACC?

Answer as a whole percentage (i.e. 5.25% not 0.0525).