Given the following information, calculate the weighted average cost of capital for the Holy Corporation:

Percent of Capital Structure:

Preference shares 10%

Ordinary equity 60%

Debt 30%

Additional information:

Corporate Tax rate 34%

Dividend, preference P9.00

Dividend, expected, ordinary P3.50

Price, preference P102.00

Growth rate 6%

Bond yield 10%

Flotation cost, preference P3.20

Price, Ordinary P70.00