Jackstone Company wants to raise $6 million for investing in a new outlet, which will give a 12% return on its investment. The money will be obtained from the following sources:

Bond A $ 1,000,000

Bond B 300,000

Common shares 3,000,000

Preferred shares 700,000

Retained earnings 1,000,000

Total $ 6,000,000

Note: The above includes payment of dividends and issue costs only.

The cost of capital for each source of financing is:

Bond A 10.0%

Bond B 12.5%

Common shares 16.0%

Preferred shares 12.0%

Retained earnings 14.0%

Growth rate 2.0%

What is the companys Weighted Average Cost of Capital?