Sharp's current capital structure of 60 percent equity, 35 percent debt, and 5 percent preferred stock is considered optimal. Sharp can issue long-term debt at a pretax interest rate of 11.4% and sell preferred stock at a cost of 11.5 percent. Sharp's marginal tax rate is 40 percent. Sharp's common stock can be sold to net the firm $34.50 and a dividend of $2.15 is expected to be paid during the coming year. Dividends have been growing at an annual compound rate of 8 percent a year and are expected to continue growing at that rate. What is the firm’s WACC?