Crescent corporation has total capital of 440 million. The ratio of debt to total capital is .35 and common stock is 40% of the total capital. Crescent corporation has outstanding preferred stock, which has paid 8% dividends consistently for the past five years. The interest on debt is 7% and the cost of common stock is 19.4%. Crescent corporation has a 38% tax rate.

What is the weighted average cost of capital for Crescent Corporation?