The Manx Company was recently formed to manufacture a new product. It has the following capital structure in market value terms:

Debt $6,000,000

Preferred Stock $2,000,000

Common Stock $8,000,000

Total $16,000,000

The company has a marginal tax rate of 40 %. The required return on equity (using CAPM) in this line of business is 17 percent. The Manxs debt is currently yielding 13 percent, and its preferred stock is yielding 12 percent. Compute the firms Weighted Average Cost of capital.?