aarons rentals has 50,000 shares of common stock outstanding at a market price of $48 per share. The company paid $1.6 in dividend last year and expects to increase dividend at 9% a year. The company has a bata of 1.2 and the market return is 11.5% with risk free rate of 3.5%. The outstanding bonds mature in 10 years, have a total face value of $800,000, a face value per bond of $1000 and a market price of $987.60 each. the bonds pay 6% coupon. The tax rate is 30%. What is the firm's weighted average cost of capital?