Tony's Hot Dog Shop has 6 million shares of common stock outstanding selling for $60 per share, 3 million of preferred stock outstanding selling for $30 per share, and a bond issue of $150 million selling for 105 percent of par. The cost of equity is 14 percent, the cost of preferred stock is 8 percent, and the before tax cost of debt is 6.50 percent. Tony has a weighted average tax rate of 40 percent. What is the weighted average cost of capital?