Coral Importers has a cost of debt of 8 %, a cost of equity of 12 %, and a cost of preferred stock of 11 %. The firm has 80,000 shares of common stock outstanding at a market price of $22 a share. There are 25,000 shares of preferred stock outstanding at a market price of $41 a share. The bond issue has a total face value of $600,000 and sells at 102 % of face value. The company's tax rate is 35 %. What is the weighted average cost of capital for Coral Importers?