A friend is trying to determine their companys weighted average cost of capital but is really not sure how to do this. You have been advised that the cost of ordinary equity is 8%, preference shares are 11% and pre-tax cost of debt is 4%. The weight of preference shares is 15% and ordinary shares are 70%. The tax rate is 19%. Calculate the after tax Weighted Average Cost of Capital (WACC). (1 Mark) Please answer as a decimal to 4 decimal places.