The company finances 40% of its assets with debt, 20% with preferred equity, and the rest with common equity. The cost of debt is 10%; the cost of preferred is 10%, and the cost of common equity is 14%. The tax rate is 30%.

What is the weighted average cost of capital (WACC) for the company?

Round to the nearest 0.1% but do not enter % sign. If your final calculation results in 0.24576 then enter 24.6; if your final calculation results in 4.233% then enter 4.2; if your final calculation results in 20% then enter 20.0;