Mead Plastics data regarding cost of capital is as follows:

Bonds Yield to Maturity is 8%

Preferred Stock value is $70

Common Stock value is $50

Dividends in Preferred Stocks are $6.25

Last year dividends in Common Stocks was $3.00

Flotation Costs in Preferred Stocks are $5 per share

Flotation Costs in Common Stocks are 10% of value

Growth rate in dividends is 5%

Tax rate is 30%

Optimal Capital Structure

Debt = 35%

Preferred Stock = 30%

Common Equity = 35%

Calculate the Weighted Average Cost of Capital (use cost of issuing new equity) (Do not round intermediate calculations. Input your answer as a percent rounded to 0 decimal places.)