A Dozen Monkeys Ltd. has the following right-hand side of its balance sheet:

Debt: 8% coupon, 12 years to maturity...........$8,000,000
Preferred shares: 5% dividend ............ ............1,000,000
Common shares: 750,000 outstanding.............1,500,000
Retained earnings ...........................................4,500,000

.......................................................................$15,000,000

New debt could be issued to yield 10 percent, with flotation costs netting the firm $970 on each $1,000 bond. Preferred shares would require a current yield of 8 percent, with aftertax flotation costs of 4 percent. Common shares currently trade at $15.00, but new shares would be discounted to $14.25 to encourage sales. Aftertax flotation costs on new common shares would be 5 percent. The anticipated dividend growth rate is 6 percent. The expected dividend is $1.50. A Dozen Monkeys Ltd. has a 40 percent tax rate and would require new share capital to fund new investments.
Based on market value weightings, calculate Monkey's weighted average cost of capital.