GHJ Inc. is investing in a major capital budgeting project that will require the expenditure of $24million. The money will be raised by issuing $7.2 million of bonds, $3.6 million of preferred stock, and $13.2 million of new common stock. The company estimates is after-tax cost of debt to be 5.6%, its cost of preferred stock to be 11%, and the cost of new common stock to be 14%. What is the weighted average cost of capital for this project?