Baker's footwear has common stock outstanding at a price per share of 45 and rate of return is 15 percent. The firm has 6 percent dividend paying preferred stock selling at a price of 60 a share. The preferred stock has a part value of 100. The yield-to-maturity on the debt is 9 percent. The source of company capital is 25% debt, 15% preferred stock and the rest from common equity. What is the firm's weighted average cost of capital if the tax rate is 35%?