Jones Company has a target capital structure of 40% debt, 10% preferred stock, and 50% common equity. The companys after tax cost of debt is 6.7%%, its cost of preferred debt is 9.7%, its cost of retained earnings is 12.3%, and its cost of new common stock is 20.7%. The company stock has a beta of 1.4 and the companys marginal tax rate is 40%. What is the companys weighted average cost of capital if retained earnings are used to fund the common equity portion?