(Weighted average cost of capital) The target capital structure for J&J Manufacturing is 50% ordinary shares, 11% preference shares and 39% debt. If the cost of ordinary shares for the firm is 19.5%, the cost of preference shares is 12.3% and the before-tax cost of debt is 10.3%, what is J&J's cost of capital? The firm's tax rate is 30%. ... J&J's cost of capital is %. (Round to three decimal places.)