A company. is investing in a major capital budgeting project that will require the expenditure of $20 million. The money will be raised by issuing $10 million in bonds, $5 million in preferred stock, and $5 million in new common stock. The company estimates is after-tax cost of debt to be 5%, its cost of preferred stock to be 9% and the cost of new common stock to be 16% . The tax rate for the firm is 40% and the risk-free rate is 4%.What is the weighted average cost of capital for this project?