You want to estimate the WACC for ABC Corporation. They have 1,250,000 shares of common stock outstanding, which paid a $2.50 dividend per share last year (you expect this to grow by 4% annually). The firm has a beta of 1.4, the risk-free rate is 1.2% and the expected market return is 9%. They have no preferred stock. They have $22,000,000 (face value) in debt, with 21 years to maturity, a 7% semiannual coupon, and a current price quote of $1011.29 (per $1000 of face value). Their tax rate is 28%.

What is their WACC?