Marginal Incorporated (MI) has determined that its before-tax cost of debt is 7.0%. Its cost of preferred stock is 11.0%. Its cost of internal equity is 16.0%, and its cost of external equity is 21.0%. Currently, the firm's capital structure has $295 million of debt, $45 million of preferred stock, and $160 million of common equity. The firm's marginal tax rate is 45%. The firm is currently making projections for the next period. Its managers have determined that the firm should have $55 million available from retained earnings for investment purposes next period. What is the firm's marginal cost of capital at a total investment level of $242 million?