The target capital structure for QM Industries is 37 percent common stock,15 percent preferred stock, and 48 percent debt. If the cost of common equity for the firm is 18.7 percent, the cost of preferred stock is 10.4 percent, the before-tax cost of debt is 8.3 percent, and the firm's tax rate is 35 percent, what is QM's weighted average cost of capital?

QM's weighted average cost of capital is ____%