Please don't use Excel

6. The Bob Cat Excavations Company faces an effective company income tax rate of 30%. The firm is financed with debt, preference capital and ordinary equity, for which the following details are available: Debt: The firm has 4,000 bonds on issue, each with a face value of $1,000 and a maturity date in 10 years' time. The bonds pay interest annually with a coupon rate of 8% per annum, and the current yield to maturity is 9% per annum. Preference Capital: There are 200,000 preference shares on issue that have a $12 per share par value and pay annual preference dividends of 8%. The current preference share price is $10. Ordinary Capital: 500,000 ordinary shares are on issue. The current ordinary share price is $5 per share. Constant ordinary share dividend growth of 4% per annum is expected in the future and the next annual dividend payment due in one year's time is expected to be 40 cents per ordinary share. Given the above information, calculate the current weighted average cost of capital for Bob Cat Excavations. (Round your answer to the nearest 0.01 per cent)