You were hired as a consultant to Quigley Company, whose target capital structure is 40% debt, 10% preferred, and 50% common equity. The interest rate on new debt is 6.50%, the yield on the preferred is 7.50%, the cost of retained earnings is 14.75%, and the tax rate is 34%. The firm will not be issuing any new stock. What is Quigley's WACC?