Suppose Westerfield Co. has the following financial information: interest payments. Preferred stock: 100,000 shares of preferred stock outstanding; currently trading for $98 per share and it pays a dividend of $4.25 per share every year. Common stock: 2,500,000 shares of common stock outstanding; currently trading for $55 per share. Beta equals 1.3. Market and firm information: The expected return on the market is 12%, the risk-free rate is 2%, the tax rate is 21% Calculate the weighted average cost of capital. (Enter percentages as decimals and round to 4 decimals)