(Weighted average cost of capital) The target capital structure for QM Industries is 43 percent common stock, 6 percent preferred stock, and 51 percent debt. If the cost of common equity for the firm is 17.2 percent, the cost of preferred stock is 9.4 percent, the before-tax cost of debt is 7.5 percent, and the firm's tax rate is 35 percent, what is QM's weighted average cost of capital?

Part 1

QM's weighted average cost of capital is enter your response here%. (Round to three decimal places.)