The target capital structure for Jowers Manufacturing is 49 percent common stock,12 percent preferred stock, and 39 percent debt. If the cost of common equity for the firm is 20.1 percent, the cost of preferred stock is 11.1 percent, and the before-tax cost of debt is 9.4 percent, what is Jowers' cost of capital? The firm's tax rate is 34 percent.

Jowers' cost of capital is _____