The market value of Fords' equity, preferred stock, and debt are $7 billion, $1 billion, and $15 billion, respectively. Ford has a beta of 1.7, the market risk premium is 8%, and the risk-free rate of interest is 3%. Ford's preferred stock pays a dividend of $3 each year and trades at a price of $25 per share. Ford's debt trades with a yield to maturity of 7%. What is Ford's weighted average cost of capital if its tax rate is 25%?