The capital structure for Melody Consulting, Inc. consists of bonds $(9\%$ coupon, $$1,000$ face value, $12$ years to maturity, $$1,125$ current market price$),$ preferred stock $(8,000$ shares outstanding, $$100$ par value, $$2\mathrm{.}50$ annual preferred dividend, $$28$ current market price$)$ and common stock $($ $$42$ current market price$).$ The firm's plan for future financing is to use a mix of $36\%$ debt, $18\%$ preferred stock and $46\%$ common stock. Flotation costs are $($a$)4$ percent of market value for a new bond issue, $($b$)$ $$3$ per share for common stock, and $($c$)$ $$1$ per share for preferred stock. The dividends for common stock were $$2\mathrm{.}75$ last year and are projected to have an annual growth rate of $4\%.$ The company estimates that there will be sufficient internal equity such that it does not plan to issue new stock. The firm is in a $30\%$ tax bracket. What is the weighted average cost of capital?