Given the following information, calculate the weighted average cost of capital for Skelly Corp.

Percent of capital structure:

Debt: 25%

Preferred stock: 15

Common equity: 60

Additional information:

Bond coupon rate: 14%

Bond yield to maturity: 13%

Dividend, expected common: $5

Dividend preferred: $12

Price, common: $35

Price preferred: $49

Flotation cost preferred: $2.50

Growth rate: 6%

Corporate tax rate: 35%