The target capital structure for QM Industries is 44 percent common stock, 6 percent preferred stock, and 50 percent debt. If the cost of common equity for the firm is 17.2 percent, the cost of preferred stock is 10.8 percent, the before-tax cost of debt is 8.9 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 _____%. (Round to three decimal places.)