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

Bonds Number issued 35,000

Coupon rate 5%

Interest payments semi-annually

Years to maturity 12

Current price $90

Preferred shares

Number issued 1.5 million.

Dividend per share $2

Current price $25

Common shares

Number issued 3.5 million

Next dividend per share $4

Dividend growth rate 6%

Current price $30

Flotation costs

Bonds 5%

Preference shares 6%

Common shares 7%

Required: The companys tax rate is 35%. Calculate the companys weighted average cost of capital (Use 4 decimal places)