8- The Brownstone Corporation has 6 million shares of common stock outstanding, 600,000 shares of preferred stock that pays an annual dividend of $8, and 200,000 $1,000 par value bonds with a 10% coupon (semi-annual interest) and 20 years to maturity. At present, the common stock is selling for $50 per share, the bonds are selling for $950.62 per $1,000 of face value, and the preferred stock is selling at $74 per share. The estimated return on the market is 13%, the risk free rate is 8%, and Brownstone's beta is 1.4. Assuming a tax rate is 30%, find the weighted average cost of capital. (11.96%)