(Related to Checkpoint 14.1) (Weighted average cost of capital) The target capital structure for QM Industries is 38 percent common stock, 8 percent preferred stock, and 54 percent debt. If the cost of common equity for the firm is 17.6 percent, the cost of preferred stock is 9.8 percent, the before-tax cost of debt is 8.4 percent, and the firm's tax rate is 35 percent, what is QM's weighted average cost of capital? QM's weighted average cost of capital is \%. (Round to three decimal places.)