The Bird Carver has 1,800 bonds outstanding with a $1,000 face value, an 8 percent coupon, 10 years to maturity, annual interest payments, and sells at 95 percent of face value. The firm also has 50,000 shares of common stock outstanding at a market price of $56 a share and a beta of 0.87. The risk-free rate is 4 percent, the market return is 12 percent and the tax rate is 35 percent. What is WACC?