Your companys target capital structure is 35% debt, 15% preferred stocks and 50% common stock. The yield to maturity on this companys debt is 5.25%. The preferred stock is currently selling for $74.50 and pays quarterly dividend of $1.25. The most recent dividend paid by this companys common stock was $1.05, and the dividends are expected to grow at the constant rate of 3.5% forever. The common stock sells for $23.50. The tax rate of this company is 35%. The company will incur 7% floatation costs on new preferred stock issues and 15% floatation costs on new common stock issues. What is the WACC assuming this company will issue new preferred stocks and new common stocks? (Use 3 decimal points in your calculations)