Baxter Inc. has a target capital structure of 30% debt, 15% preferred stock, and 55% common equity. The company's after-tax cost of debt is 0.048, its cost of preferred stock is 0.081, its cost of retained earnings is 0.130, and its cost of new common stock is 0.152. The company stock has a beta of 1.35 and the company's marginal tax rate is 0.22. What is the company's weighted average cost of capital if retained earnings are used to fund the common equity portion?