The target capital structure for Jowers Manufacturing is

53

percent common stock,

16

percent preferred stock, and

31

percent debt. If the cost of common equity for the firm is

20.7

percent, the cost of preferred stock is

11.4

percent, and the before-tax cost of debt is

9.8

percent, what isJowers' cost of capital? The firm's tax rate is

34

percent.

Whats jowers cost of capital?