Given the following information:

Percent of capital structure:

Preferred stock 25 %

Common equity 30

Debt 45

Additional information:

Corporate tax rate 34 %

Dividend, preferred $ 6.00

Dividend, expected common $ 3.50

Price, preferred $ 96.00

Growth rate 4 %

Bond yield 4 %

Flotation cost, preferred $ 10.20

Price, common $ 81.00

Calculate the weighted average cost of capital for Digital Processing Inc. (Do not round intermediate calculations. Input your answers as a percent rounded to 2 decimal places.)