Western Electric has 21,000 shares of common stock outstanding at a price per share of $61 and a rate of return of 15.6%. The firm has 11,000 shares of $8 preferred stock outstanding at a price of $48 a share. The outstanding debt has a total face value of $275,000 and currently sells for 104% of face. The yield to maturity on the debt is 8.81%. What is the firms weighted average cost of capital if the tax rate is 35%?