$($Related to Checkpoint $14\mathrm{.}1)($Weighted average cost of capital$)$ The target capital structure for QM Industries is $35$ percent common stock, $12$ percent preferred stock, and $53$ percent debt. If the cost of common equily for the firm is $18\mathrm{.}4$ percent, the cost of preferred stock is $10\mathrm{.}6$ percent, the before$-$tax cost of debt is $8\mathrm{.}5$ percent, and the firm's tax rate is $35$ percent, what is QM$\text{'}$s weighted average cost of capital?

QM$\text{'}$s weighted average cost of capital is $\%.($Round to three decimal places.$)$