Given the following information, calculate the weighted average cost of capital for Puppet Corporation. Assume the funds are internally generated.

Percent of capital structure:

Debt 59%

Common equity 30%

Preferred stock 11%

Additional information:

Bond coupon rate 6%

Bond yield 5%

Bond flotation coat 3%

Dividend, common (just paid) $ 1.17

Price, common $ 46.00

Price, preferred $ 49.00

Dividend, preferred 7%

Flotation cost, preferred $ 1.99

Flotation cost, common 8%

Corporate growth rate 8%

Corporate tax rate 44%