The firm has the following long term financing :

Common Equity: 2 million shares outstanding. Current share price is $30.00 . Preferred Stock : $10 millions Long Term Debt : $ 30 millions The before tax cost of debt is 11% . The tax rate is 40% The company sold a 10% preferred stock issue ( $50.00 par value ) at a current price of $49.00 per share. The cost of equity is calculated on a CAPM basis and is derived from the following information: The risk free rate = 10% Expected return on the market portfolio = 12.0 % The beta for the companys stock = 1.20

What is the companys weighted average cost of capital (WACC ).