The simplified balance sheet for the Dutch manufacturer Rensselaer Felt (figures in thousands) is as follows: Short-term debt Accounts payable Current liabilities 77,300 63,700 141,000 Cash and marketable securities Accounts receivable Inventory Current assets Property, plant, and equipment Deferred taxes Other assets Total 3,200 121,700 126,700 251,680 213,780 46,700 87,380 599,380 Long-term debt Shareholders' equity Total 218,300 248,800 599,380 The debt has just been refinanced at an interest rate of 775% (short term) and 9.75% (long term). The expected rate of return on the company's shares is 16.75%. There are 7.63 million shares outstanding, and the shares are trading at 39. The tax rate is 25% Calculate this company's weighed-average cost of capital. (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.) Weighed-average cost of capital 96