A company can issue new 20 year bonds with a coupon rate of 4%, coupons paid semi-annually, a par value of $1,000, for an issue price of $768.85. The company can issue preferred stock that pays a dividend of 6% of par, with a par value of $50, at its current price of $18. The company expects dividends to grow at 3% for the foreseeable future, paid a dividend most recently of $3.00 per share (i.e., D0 = $3.00), and recently traded for $21 per share. The company is funded 40% debt, 5% preferred, and 55% common equity. The tax rate is 40%. What is the company's WACC?