(Weighted average cost of capital) Crawford Enterprises is a publicly held company located in Arnold, Kansas. The firm began as a small tool and die shop but grew over its 35-year life to become a leading supplier of metal fabrication equipment used in the farm tractor industry. At the close of 2004 the firm's balance sheet appeared as follows: Cash Accounts receivable Inventories Net property,plant, and equipment Total assets $470,000 5,380,000 8,300,000 Long-term debt Common equity Total debt and equity $ 12,850,000 19,796,000 $ 32,646,000 1849500 Common equty $ 32,646,000 At present the firm's common stock is sellina for a price equal to its book value, and the firm's bonds are sellina at par. Crawford's managers estimate that the a. Crawford's managers estimate that the market requires a 19 percent return on its common stock, the firm's bonds command a yield to maturity of 11 percent and the firm faces a tax rate of 33 percent. What is Crawford's weighted average cost of capital? % (Round to two decimal places.)