Aaron's Rentals has 35,000 shares of common stock outstanding at a market price of $37 a share. The common stock just paid a $1.35 annual dividend and has a constant growth rate of 5.2 percent. There are 5,000 shares of 5.5 percent preferred stock outstanding at a market price of $68 a share. The preferred stock has a par value of $100. The outstanding bonds mature in 16 years, have a total face value of $900,000, a face value per bond of $1,000, and a market price of $897.60 each. The bonds pay 6 percent interest, semiannually. The tax rate is 31 percent. What is the firm's weighted average cost of capital?