Marsha Corporation is financed as follows:

--60,000 bonds with market values of 92% of face value of $1,000.

--80,000 shares of preferred stock trading in an active market at $15 per share

--1,000,000 shares of common stock trading in an active market at $32 per share

--The bonds pay $60 interest payments annually, have a face value of $1,000 and trade in the market at $920

--The preferred stock pays a $2.00 dividend with no growth.

--The common stock has a beta of 1.5, the risk-free rate is 3.5%, and the market risk premium is 6%.

Given the information above, what is the weighted average cost of capital for Marsha Corporation?