The following table presents information for Golden Fleece Financial. Long-term debt outstanding $ 400,000 Current yield to maturity on debt 8.50 % Number of shares of common stock 15,000 Price per share $ 60 Book value per share $ 35 Expected rate of return on stock 16.00 %

Calculate the company cost of capital. (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)