Suppose the electric car maker Nio's balance sheet looks like the following:

Balance Sheet NIO Inc. on December 31st, 2121

Cash	$153,412	Accounts payable	$73,778
Accounts receivable	$249,272	Long-term bond	$207,238
Intellectual properties	$442,968
Property & Equipment	$101,162	Common stock	$665,798
Total Assets	$946,814	Total Lib & Equity	$946,814

If Nio's management estimates that the market requires a 8% return on its common stock, the firm's bonds command a yield to maturity of 3%, and the firm faces a tax rate of 12%, then what is company's weighted average cost of capital?