Forest Ptys bonds will mature in four years with a total face value of $20,000,000. The bonds pay semi-annual coupons at a rate of 10% pa. The yield on the bonds is 18% pa. The company has 300,000 preference shares that pay $0.53 per share dividends and are selling for $5.00 per share. Forest also has 5,000,000 ordinary shares currently selling for $2.50 per share. The (beta) for the ordinary share is 1.2. The market risk premium is estimated to be 10% pa, the risk-free rate is 6% pa and the company tax rate is 30%. Calculate the Forest Ptys After-tax Cost of Capital (please include all workings).