The WACC K Bell Jewelers wishes to explore the effect on its cost of capital of the rate at which the company pays taxes. The firm wishes to maintain a capital structure of 35% debt, 20% preferred stock, and 45% common

stock

21%

The cost of financing with retained earnings is 18%, the cost of preferred stock financing is 9%, and the before-tax cost of debt financing is 7%. Calculate the weighted average cost of capital (WACC) given a tax rate of

The firm's WACC is J%. (Round to two decimal places.)