Assume the market value of JNJ's equity, preferred stock and debt are $25 billion, $5 billion and $10 billion respectively. JNJ has a beta of 8, the market risk premium is 6% and the risk-free rate of interest is 4%, JNU's preferred stock pays a dividend of $3 each year and trades at a price of $25 per share, JN's debt trades with a yield to maturity of 8.5%. What is JN's weighted average cost of capital if its tax rate is 35%