Given the following information, calculate the weighted average cost of capital.

Percent of capital structure:

Preferred stock...................................................       10%

Common equity.................................................       60

Debt.....................................................................       30

Additional information:

Corporate tax rate...............................................................          34%

Dividend, preferred.............................................................       $9.00

Dividend, expected common...............................................        $3.50

Price, preferred.....................................................................    $102.00

Growth rate..........................................................................            6%

Bond yield.............................................................................          10%

Flotation cost, preferred......................................................        $3.20

Price, common......................................................................      $70.00