26. Jones Company has a target capital structure of 40% debt, 10% preferred stock, and 50% common equity The company's after-tax cost of debt is 5.6% its cost of preferred stock is 6.4%, its cost of retained earnings is 14.8%, and its cost of new common stock is 22.9%. The company stock has a beta of 1.2 and the company's marginal tax rate is 40%. What is the company's weighted average cost of capital if retained earnings are used to fund the common equity portion? Submit your final answer as a percentage and round to two decimal places (Ex. 0.00%)