PCA Corporation has 30,000 shares of common stock outstanding at a market price of $15 a share. This stock was originally issued at $29 per share. The firm also has a bond issue outstanding with a total face value of $280,000 which is currently selling for 84 percent of par. The cost of equity is 13 percent while the after-tax cost of debt is 7.2 percent. The firm has a beta of 1.22 and a tax rate of 26 percent. What is the weighted average cost of capital? (round answer to whole number with two decimal points: i.e., use 1.23 percent instead of 0.0123)