1. Titan Mining Corporation has 14 million shares of common stock outstanding, 900,000 shares of 9 percent preferred stock outstanding. Titan Mining also has 210,000 bonds outstanding with par value $1,000 each and the bonds have 17 years to maturity. The bond currently sell for 91 percent of par and has cost of debt before-tax of 11 percent. The common stock currently sells for $34 per share and has a beta of 1.15, the preferred stock currently sells for $80 per share,. The market risk premium is 11.5 percent, T-bills are yielding 7.5 percent, and the firm's tax rate is 32 percent. What is the corporation weighted average cost of capital?