Lemon Hurd has 8 million shares of common stock outstanding, 250,000 shares of 6 percent preferred stock outstanding, and 95,000 units of 7.50 percent semi-annual bonds outstanding, par value of $1,000 each. The common stock currently sells for $35 per share and has a beta of 1.25, the preferred stock currently sells for $93 per share, and the bonds have 15 years to maturity and sells at 93 percent of par. The market risk premium is 8.50 percent and risk-free rate is 5 percent. The company tax rate is 25 percent. Compute the weighted average cost of capital for Lemon Hurd.