Suppose that B2B, Inc. has a capital structure of 37 percent equity, 18 percent preferred stock, and 45 percent debt. Assume the before-tax component cost of equity, preferred stock, and debt are 14.0 percent, 10.0 percent, and 9.0 percent, respectively.

What is BNB's WACC if the firm faces an average tax rate of 21 percent and can make full use of the interest tax sheild? (Round your answer to 2 decimal places).