Major plc has 20 million 0.50 ordinary shares and irredeemable loan capital with a nominal value of 40 million in issue. The ordinary shares have a current market value of 2.40 per share and the loan capital is quoted at 80 per 100 nominal value. The cost of ordinary shares is estimated at 11% and the cost of loan capital is calculated to be 8%. The rate of corporation tax is 25%. What is the weighted average cost of capital for the company?