Nishat textiles has 10,000 bonds outstanding with a par value of 1000 are selling at 105% of par value. These Bonds are yielding 9 percent. The company also has 1 million shares of 8 percent preferred stock outstanding and 5 million shares of common stock outstanding. The preferred stock sells for $56 per share. The common stock has a beta of 0.8 and sells for $42 a share. The U.S. Treasury bill is yielding 3 percent and the return on the market is 12 percent. The corporate tax rate is 20 percent.

Find weighted average cost of capital for Nishat textiles.