Details of the capital structure of Mineral Ltd. appear below:

Bonds Number issued 38,000

Coupon rate 5.5%

Interest payments semi-annually

Years to maturity 15

Current price $92

Preferred shares

Number issued 2 million.

Dividend per share $3.5

Current price $31

Common shares

Number issued 2.8 million

Next dividend per share $4.5

Dividend growth rate 7%

Current price $40

Flotation costs

Bonds 5%

Preference shares 6%

Common shares 7%

Required: The companys tax rate is 40%. Calculate the companys weighted average cost of capital (Use 4 decimal places)