Following is the structure of a company as on 31 December 2013.

Capital Structure (Millions)
Equity Capital (paid up)	563.5
Reserves and surplus	485.66
10% Redeemable Preference Shares (par value- 100)	84.14
15% Term Loan	377.71
Total	1511.05

The share of the company is currently selling for 36. The expected dividend next year is 3.60 anticipated to be growing at 8% indefinitely. The market price of 10% preference share is 81.81 The company had raised the term loan from a financial institution in 2009. A similar loan will cost 10% today. Assume an average tax rate of 35%. Calculate the weighted average cost of capital for the company using book-value weights.