Pollock has in issue 1 million ordinary shares, nominal value 25p and £100,000 of 8 per cent irredeemable bonds. The current ex dividend market price of the ordinary shares is 49p per share and the current ex-interest market price of the bonds is £82 per £100 nominal. The company has just paid a dividend of 6p per share and dividends are expected to continue at this level indefinitely. If the company pays corporation tax at a rate of 19 per cent, what is its weighted average cost of capital?