Company K has debt with an annual yield to maturity (including floatation costs) of 9.38%. The market value of the common stock is $1,276 million, the market value of the debt is $4,118 million, and the market value of the preferred is $406 million. The annual required return on the common stock is 25.91%. The annual required return on the preferred is 12.00%. The marginal corporate tax rate is 21%. What is Company K's annual WACC? Please round to four places in your calculations.