A company has a cost of debt of $6\mathrm{.}5\%,$ a cost of equity of $11\mathrm{.}60\%,$ and a cost of preferred stock of $7\mathrm{.}4\%.$ The firm has $60,000$ shares of

common stock outstanding at a market price of $$65$ a share. There are $8,000$ shares of preferred stock outstanding at a market price of

$$55$ a share. The bond issue has a total face value of $$3,000,000$ and sells at $98\%$ of face value. The tax rate is $25\%.$ What is the weighted

average cost of capital for the company?

$8\mathrm{.}42\%$

$9\mathrm{.}26\%$

$8\mathrm{.}63\%$

$8\mathrm{.}84\%$

$9\mathrm{.}05\%$