The company estimates that it can issue debt at a rate of rd=10%, and its tax rate is 25%. It can issue preferred stock that pays constant dividend of $5.00 per year at $47.00 per share. Also, its common stock currently sells for $36.00 per share; the next expected dividend, D1, is $4.25; and the dividend is expected to grow at a constant rate of 4% per year. The target capital structure consists of 75% common stock, 15% debt, and 10% preferred stock. The Paulson Company's year-end balance sheet is shown below. Its cost of common equity is 17%, its before-tax cost of debt is 11%, and its marginal tax rate is 25%. Assume that the firm's long-term debt sells at par value. The firm's total debt, which is the sum of the company's short-term debt and long-term debt, equals $1,204. The firm has 576 shares of common stock outstanding that sell for $4.00 per share. Calculate Paulson's WACC using market-value weights. Do not round intermediate calculations. Round your answer to two decimal places. %