Jake's Sound Systems has 210,000 shares of common stock outstanding at a market price of $36 a share. Yesterday, Jake's paid an annual dividend in the amount of $1.825 per share.

The dividend growth rate is 3%. Jake's also has 6,000 bonds outstanding with a face value of $1,000 per bond. The bonds carry a 7% coupon, pay interest annually, and mature in 4.89 years. The bonds are selling at 99% of face value. The company's tax rate is 34%. What is Jake's weighted average cost of capital approximately?