Jenkins, Inc. has equity with a market value of $22.4 million and debt with a market value of $8.96 million. The cost of debt is 10 percent per year. Treasury bills that mature in one year yield 6% per year, and the expect return on the market portfolio over the next year is 11%. The beta of the company's equity is 1.09. The firm pays no taxes. Answer the following: What is the company's weighted cost of capital