(Related to Checkpoint 14.1) (Weighted average cost of capital) The target capital structure for QM Industries is 35

percent common stock, 8 percent preferred stock, and 57 percent debt. If the cost of common equity for the firm is

17.3 percent, the cost of preferred stock is 9.1 percent, the before-tax cost of debt is 8.9 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.)