Johnson Products has a before-tax cost of debt of 10 percent and a margin tax rate of 40 percent. Johnson's cost of preferred stock is 11 percent, and the cost of common equity is 13.5 percent. Johnson plans to raise new capital according to the following proportions: 45 percent debt, 5 percent preferred stock, and 50 percent common equity. What is Johnson's weighted-average cost of capital (WACC)?