Acetate, Inc., has equity with a market value of $23.8 million and debt with a market value of $11.9 million. The cost of debt is 8 percent per year. Treasury bills that mature in one year yield 4 percent per year, and the expected return on the market portfolio is 10 percent. The beta of Acetates equity is 1.23. The firm pays no taxes. What is the firms weighted average cost of capital?