The target capital structure for QM Industries is 38 percent common stock, 7 percent preferred stock, and 55 percent debt. If the cost of common equity for the firm is 18.6 percent, the cost of preferred stock is 10.2 percent, the before-tax cost of debt is 7.6 percent, and the firm's tax rate is 35 percent, what is QM's weighted average cost of capital? (Round to 3 decimal places)