A firm has $1,000 of debt outstanding, $200 of preferred stock outstanding, and $3,000 of stock outstanding. The debt has a maturity of 10 years, pays $50 annual coupons, a face value of $1,000 and trades at a price of $1,100.The preferred stock pays a $1 dividend and trades at a price of $12. The cost of stock is 12%. The tax rate is 20%. What is the firm's weighted cost of capital?