The following extract is from the latest unaudited financial statements of Xingwedzie enterprise group:

The long$-$term debt consists of a single corporate bond which has a $6\%$ interest. These bonds currently yield $7\mathrm{.}5\%$ in the market. The current cost

of the preferred shares is $8\%.$ The current cost of the ordinary equity is $12\%.$ The company's tax rate is $28\%.$

Required:

Calculate Xingwedzie $\text{'}$s weighted average cost of capital? $(8$ marks$)$