The target capital structure for QM Industries is 38 percent common stock, 5 percent preferred stock, and 57 percent debt. If the cost of common equity for the firm is 17.2 percent, the cost of preferred stock is 9.9 percent, the before-tax cost of debt is 8.5 percent, and the firm's tax rate is 35 percent, what is QM's weighted average cost of capital?

Average cost of capital is ___