A company has the following capital structure:

• Target weightings: 30% debt, 20% preferred stock, 50% common equity.
• Tax Rate: 35%
• The firm can issue $1,000 face value, 7% semi-annual coupon debt with a 15-year maturity for a price of $1,047.46.
• An 8% dividend preferred stock issue has a value of $35 per share.
• The company's growth rate is estimated at 6%.
• The company's common shares have a value of $40 and a dividend in year 0 of D_o = $3.00.

What is the company's weighted average cost of capital?