Barles Charkley Resorts, a hotel chain located in the Annapolis, has expected earnings before interest and taxes of $16.7 million. Its unlevered cost of capital is 10.9 percent and its tax rate is 44 percent. The firm has debt with both a book and a market value of $4.9 million. This debt has a 9.1 percent coupon and pays interest annually. What is the firm's weighted average cost of capital?