A company is looking to invest in new production machinery. The market value of common stock is $44 million, the market value of preferred stock is $9 million, and the market value of total debt is $33 million. Analysts have calculated the cost of common equity to be 16%, the cost of preferred equity to be 12%, and the cost of debt to be 9..5%. What is the weighted average cost of capital if the marginal tax rate is 34%? Round your answer to two decimal places. A. 9.88% B. 10.41% C. 12.33% D. 14.51% E. 11.85%