Monster Tires is considering an expansion which involves opening a new location for its tires manufacturing. This new project is estimated to be the same level of risk as the firm's existing projects. For this new manufacturing project, the firm would need to raise money by selling $$856,000$ worth of new equity, $$233,000$ worth of new preferred stock shares, and borrow $$569,000$ by selling new corporate bonds. The annual costs of equity, preferred stock shares, and corporate debt equal $14\%,8\%,$ and $4\%,$ respectively. Monster Tires pays a $34\%$ tax rate on its corporate income.

Calculate Monster Tires' average annual cost of running this new tire business, or the Weighted Average Cost of Capital.

Your answer should be in percent, not in decimals: e$.$g$.,10\mathrm{.}23$ rather than $0\mathrm{.}1023.$

Increase decimal places for any intermediate calculations, from the default $2$ to $6$ or higher, and only round your final answer to TWO decimal places: for example, $10\mathrm{.}23.$

Do NOT use $"\%"$ in your answer.