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Cooper, Johnson and Williams Inc. declared dividends last year of $8 the dividend constant growth rate is 8% and each stock will sell for $55 per share. The company's bonds which matures in 20 years sells at $1,200 and conveys a coupon payable semiannually at 10% per annum. The company's tax rate is 35%. Preferred stocks which are priced at $100, pays dividend of $10 and divides the company's capital structure of debt, common stock and preferred stock in the ratio 4:5:1. Determine the company's WACC. (8 marks)