Pfd Company has debt with a yield to maturity of 6.3%, a cost of equity of 14.6%, and a cost of preferred stock of 10.4%. The market values of its debt, preferred stock, and equity are $13.9 million, $3.1 million, and $13.4 million, respectively, and its tax rate is 40%.

What is this firm's WACC? Note: Assume that the firm will always be able to utilize its full interest tax shield.