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 40% debt, 10% preferred stock, and 50% common stock. The cost of financing with retained earings is 14%, the cost of preferred stock financing is 9%, and the before tax cost of debt financing is 9% Calculate the weighted average cost of capital (WACC) given a tax rate of 21% The firm's WACC is % (Round to two decimal places.)