A company has 14 million shares of common stock outstanding with a beta of 1.15 and a market price of $45 a share. There are 1000000 shares of 9 percent preferred stock outstanding valued at $80 a share. The 10 percent semi annual coupon bonds have a face value of $1000 and are selling at 92 percent of par. There are 280,000 bonds outstanding that mature in 15 years. The market risk premium is 12 percent., T-bills are yielding 4.5 percent, and the firms tax rate is 21 percent. Complete the weighted average cost of capital of the company.