You have decided to invest in a new project that requires you to raise $3,000,000. The cost of preferred stock is 7%, while the required rate of return of common stock is 8%. Your bank lends money at an interest rate of 6% per year. If you raise 1/3 of capital from each source (debt, common equity, and preferred stock), how much is your WACC? Assume that your tax rate is 25%.