Consider a firm that has $31\%$ of debt, $16\%$ of preferred stock, and $53\%$ of equity. The rates of return for debt, preferred stock, and equity are $2\%,9\%,$ and $18\%,$ respectively. The corporate tax rate is $21\%.$ What is the weighted average cost of capital? Enter your answer as a percentage and rounded to $2$ DECIMAL PLACES. Do not include the percentage sign in your answer.

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