Examine the following book-value balance sheet for University Products, Inc. The preferred stock currently sells for $15 per share and the common stock for $20 per share.

If the preferred stock pays a dividend of $3 per share, the beta of the common stock is 0.4, the market risk premium is 10%, the risk-free rate is 6%, and the firm's tax rate is 30%, what is University's weighted-average cost of capital? (Do not round intermediate calculations. Round your answer to 2 decimal places.)

WACC%?