Calet plc pays corporation tax at 19 per cent and has the following capital structure: – Ordinary shares: 1,000,000 ordinary shares of nominal value 25p per share and market value of 79p per share. A dividend of 6p per share has just been paid and dividends are expected to grow by 5 per cent per year for the foreseeable future. – Preference shares: 250,000 preference shares of nominal value 50p per share and market value of 42p per share. The annual dividend of 7.5 per cent has just been paid. – Bonds: £100,000 of 7 per cent irredeemable bonds with a market price of £102 per £100 nominal. The annual interest has just been paid. Calculate the weighted average after-tax cost of capital of Calet plc.