(Weighted average cost of capital) The target capital structure for QM Industries is 42 percent common stock, 8 percent preferred stock, and 50 percent debt. If the cost of common equity for the firm is 18.9percent, the cost of preferred stock is 10.6 percent, the before-tax cost of debt is 7.2 percent, and the firm's tax rate is 35 percent, what is QM's weighted average cost of capital?

QM's weighted average cost of capital is ________%. (Round to three decimal places.)