A person is an analyst in the treasurer's office at a company needs your help to estimate the Cost of Capital for a company. A company has long-term bonds outstanding, preferred shares outstanding and common shares. Selected information for each of the securities is provided in the table below.

What is the weighted average cost of capital for the company?

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\begin{tabular}{l|l|l} Long-term debt & Preferred Shares & Common Shares \\ \hline \begin{tabular}{|l|l} $9 million face value & 1 million shares outstanding \end{tabular} & 5 million shares oustanding \\ \hline Coupon rate =5.5% & Face Value =$9 per share & Market price of share =$20 \\ \hline Annual Coupons & Dividend rate (annual) =6% & Stock Beta is 1 \\ \hline Time to maturity =8 years & Equivalent preferres shares yield 6% & Expected return on the market is 10% \\ \hline YTM =7% & & \\ \hline Tax rate is 24% & & \end{tabular}