A company has 300,000 shares of common stock outstanding at a market price of $44 a share. Last month, the company paid an annual dividend in the amount of $1 per share. The dividend growth rate is 3.5 percent. The company also has 5,000 bonds outstanding with a face value of $1,000 per bond. The bonds carry a 9.5 percent coupon, pay interest annually, and mature in 7.5 years. The bonds are selling at 102 percent of face value. The company's tax rate is 34 percent. What is this companys weighted average cost of capital?