Suppose a company has $20,000 in commercial paper, $10,000 in long-term bonds, $20,000 in existing common stock, and is looking to issue $5,000 in new preferred stock. The commercial paper has a yield of 4.7% per year. The bonds's YTM is 3.4%. The common stock has an expected return of 11.0% while the preferred stock has an expected return of 9.2%. Given an average tax rate of 35%, what is the weighted average cost of capital (WACC)?