The market value of Fords' equity, preferred stock and debt are $7 billion, $4 billion and $13 billion respectively. Ford has a beta of 1.2, the market risk premium is 8% and the risk-free rate of interest is 5%. Ford's preferred stock pays a dividend of $5 each year and trades at a price of $27 per share. Ford's debt trades with a yield to maturity of 9.5%. What is Ford's weighted average cost of capital if its tax rate is 40%