19A company needs to purchase equipment for a project with total cost of $2 million. It is estimated that the after-tax cash inflows from the project will be $210,000 annually in perpetuity. The company has a debt-to-assets ratio of 48.30% using market values. The firm's cost of equity is 15.75%, its pre-tax cost of debt is 10.75%, and the flotation costs of debt and equity are 6.05% and 11.85%, respectively. The tax rate is 34%. Assume the project is of similar risk to the firm's existing operations. What is the weighted average flotation cost for the company?