Intel Ltd has in issue 1 million ordinary shares, par value 25p and 100, 000 of 8 per cent redeemable bonds. The current ex-dividend market price of the ordinary shares is 49p per share and the current ex-interest market price of the bonds is 82 per 100 par. The company has just paid a dividend of 6p per share and dividends are expected to continue at this level indefinitely. If the company pays corporate tax at a rate of 30 per cent, what is its weighted average cost of capital?