The Davenport Company has the following balance sheet data:

(1) total assets equal $55,000,000

(2) Accounts Payable and accruals equal $5,000,000

(3) Long-term debt equal, in the forms of issued bonds payable equal $20,000,000

(4) Common Stock (retained earnings) equal $30,000,000

Other pertinent data are as follows:

(1) there is no interest associated with the accounts payable nor the accruals

(2) the cost of the retained earnings is 16%

(3) the long-term bonds that were issued had a coupon rate of 9% and the YTM on those bonds were 12%

(4) Davenport's tax rate is 25%

Based on all the data that is given, calculate Davenport's weighted average cost of capital {WACC}. Be sure to show all pertinent scratch work or explain how each of the answers were obtained. Use only the work space provided for this problem.