Phillips Equipment has 6,500 bonds outstanding that are selling at $1062.5 per bond. The coupon rate of these bonds is 12%. The face value is $1,000. The bonds mature in 30 years. 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 market risk premium is 9% and the risk free rate is 3%. The corporate tax rate is 21 percent. What is the weighted average cost of capital? (round your answer to two decimal places)