(Weighted average cost of capital) The target capital structure for Jowers Manufacturing is 47 percent common stock, 10 percent preferred stock, and 43 percent debt. If the cost of common equity for the firm is 20.7 percent, the cost of preferred stock is 11.6 percent, and the before-tax cost of debt is 9.5 percent, what is Jowers' cost of capital? The firm's tax rate is 34 percent. Jowers' cost of capital is %. (Round to three decimal places.)