Company XYZ has 50,000 shares of common stock outstanding at a market price of $10 a share. The firm also has bond issue outstanding with a total face value of $100,000, which is now selling for $95,000. The cost of equity is 13 percent per year, while the cost of debt is 6 percent per year. The firm has a beta of 1.5 and a tax rate of 23 percent. What is the weighted average cost of capital?