8)Western Electric has 25,000 shares of common stock outstanding at a price per share of $33.38 and a rate of return of 14.2 percent. The firm has 6,500 shares of 7 percent preferred stock outstanding at a price of $48 a share. The preferred stock has a par value of $100. (Preferred dividend is calculated as 7 percent times par value of $100.)The cost of preferred stock is 14.6 percent. The outstanding debt has a total face value of $350,000 and currently sells for 101.8 percent of face. The yield-to-maturity on the debt is 8.49 percent. What is the firm's weighted average cost of capital if the tax rate is 34 percent?