- Company XYZ's audited balance sheet at the end of 2021, showed the following data: $11 million in interest-bearing debt (corporate bonds) $20 million in shareholder's equity - Additional information at the end of 2021 provided by the company: Average annual coupon rate of its bonds: 5% Average market yield of its bonds: 6% Market value of its interest-bearing debt : $10 million Stock price (common stock): $20 per share Authorized common shares: 5,000,000 Issued common shares: 4,500,000 Outstanding common shares: 3,000,000 Corporate tax rate for 2021 : 33% Required annual shareholder returns: 20% Based on the above information, what was the company's weighted average cost of capital at the end of 2021