The simplified balance sheet for the Dutch manufacturer Rensselaer Felt (figures in thousands) is as follows:

Cash and marketable securities		3,500		Short-term debt		77,600
Accounts receivable		122,000		Accounts payable		64,000
Inventory		127,000		Current liabilities		141,600
Current assets		252,500
Property, plant, and equipment		214,000		Long-term debt		210,600
Deferred taxes		47,000
Other assets		87,000		Shareholders' equity		248,300
Total		600,500		Total		600,500

The debt has just been refinanced at an interest rate of 8.50% (short term) and 10.50% (long term). The expected rate of return on the company's shares is 17.50%. There are 7.66 million shares outstanding, and the shares are trading at 36. 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.)