JohnCorporation is constructing is cost of capital schedule. The target capital structure is based on the market values of the company’s outstanding securitiesIt has 35,000 bonds outstanding with a 10% coupon, paid semiannually, a current maturity of 25 years, and sell for $997 each. The firm could sell $100 preferred stock which pays an 11 % annual dividend for $89 each. Johnstone currently has 285,000 shares of preferred stock outstanding. John Corp. is a constant growth firm which just paid a dividend of $3.00 on its common stock which sells for $29 per share, and has an expected growth rate of 11%. There are currently 3,500,000 shares of common stock outstanding. The firm’s marginal tax rate is 38%.  

Please estimate their weighted average cost of capital.