Phillips Equipment has 6,500 bonds outstanding that are selling at $965 per bond. Bonds with similar characteristics are yielding 6.7 percent, pretax. The company also has 48,000 shares of common stock outstanding. The common stock sells for $64 a share. The common stock has a beta of 1.32. The cost of equity is 10%. The corporate tax rate is 21 percent. What is the weighted average cost of capital? (round your answer to two decimal places)