Micro Spinoffs, Inc., issued 10-year debt a year ago at par value with a coupon rate of 8%, paid annually. Today, the debt is selling at $1,160. The firms tax bracket is 35%.

Micro Spinoffs also has preferred stock outstanding. The stock pays a dividend of $2 per share, and the stock sells for $20.

Micro Spinoffss cost of equity is 12%. What is its WACC if equity is 50%, preferred stock is 10%, and debt is 40% of total capital? (Do not round intermediate calculations. Round your answer to 2 decimal places.)