MGMT2023's portfolio consists of debt, common and preferred stocks in the ratio 1:6:3. Its preferred stocks which are priced at $200, pays dividends of $16. MGMT2023 issued bonds that have the following characteristics. A $1,000 face bond that matures in 15 years and sells for 90% of its face. The bond's coupon rate is 10% per annum paid semi-quarterly. The company's pays tax at a rate of 35 percent. Common stock which is priced at $70 per share is expected to pay a $4.00 dividend at year's end. The dividend is expected to grow at a constant rate of 7 percent a year. What is MGMT2023's weighted average cost of capital?