Parlour Corporation has a target capital structure of 35% bond financing, 25% preferred stock financing, and 40% common equity financing. The cost of bonds is 9%, the cost of preferred stock is 11%, the cost of retained earnings is 14%, and the cost of a new issue of common stock is 15%. Parlour forecasts it will retain $3,750,000 of new earnings in the coming year.

What is Parlour's weighted-average cost of capital (WACC) when it uses retained earnings as its source of common equity financing?