Stockton Corporation has a cost of debt of 6.2%, a cost of equity of 13.4%, and a cost of preferred stock of 8.8%. The firm has 285,000 shares of common stock outstanding at a market price of $50 a share. There are 15,000 shares of preferred stock outstanding at a market price of $40 a share. The bond issue has a total face value of $16,000,000 and sells at 101% of face value. The tax rate is 25%. What is the weighted average cost of capital for Stockton Corporation? (Hint: use the bond price to calculate the market value of debt)