Excel Industries Ltd. has assets of Rs 1,60,000 which have been financed with Rs 52,000 of debt, Rs 90,000 of equity and a general reserve of Rs 18,000. The firms total profits after interest and taxes for the year ended 31st March, 2009 were Rs 13,500. It pays 8% interest on borrowed funds and is in the 50% tax bracket. It has 900 equity shares of Rs 100 each, selling price at a market price of Rs 120 per share. What is the weighted average cost of capital?