The market value of Fords' equity, preferred stock, and debt are $6 billion, $3 billion, and $15 billion, respectively. Ford has a beta of 1.3, the market risk premium is 6%, and the risk-free rate of interest is 3%. Ford's preferred stock pays a dividend of $2 each year and trades at a price of $25 per share. Ford's debt trades with a yield to maturity of 9%. What is Ford's weighted average cost of capital if its tax rate is 25%