The simplified balance sheet for the Dutch manufacturer Rensselaer Felt (figures in thousands) is as follows: Short-term debt Accounts payable Current liabilities 77,100 63,500 140,600 Cash and marketable securities Accounts receivable Inventory Current assets Property, plant, and equipment Deferred taxes Other assets Total 3,000 121,500 126,500 251,000 213,500 46,500 87,500 598,500 Long-term debt 210,100 Shareholders' equity Total 247,800 598,500 The debt has just been refinanced at an interest rate of 7.25% (short term) and 9.25% (long term). The expected rate of return on the company's shares is 16.25%. There are 7.61 million shares outstanding, and the shares are trading at 41. 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 %