Mead Plastics data regarding cost of capital is as follows:

Bonds Yield to Maturity is 13%

Preferred Stock value is $72

Common Stock value is $55

Dividends in Preferred Stocks are $7.18

Last year dividends in Common Stocks was $2.00

Flotation Costs in Preferred Stocks are $6 per share

Flotation Costs in Common Stocks are 10% of value

Growth rate in dividends is 4%

Tax rate is 25%

Optimal Capital Structure

Debt = 25%

Preferred Stock = 30%

Common Equity = 45%

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.)