The Blossom Products Co. currently has debt with a market value of $250 million outstanding. The debt consists of 9 percent coupon bonds (semiannual coupon payments) which have a maturity of 15 years and are currently priced at $1,445.45 per bond. The firm also has an issue of 2 million preferred shares outstanding with a market price of $12 per share. The preferred shares pay an annual dividend of $1.20. Blossom also has 14 million shares of common stock outstanding with a price of $20.00 per share. The firm is expected to pay a $2.20 common dividend one year from today, and that dividend is expected to increase by 6 percent per year forever. If Blossom is subject to a 40 percent marginal tax rate, then what is the firm's weighted average cost of capital?