Western Electric has 26,000 shares of common stock outstanding at a price per share of $67 and a rate of return of 13.60 percent. The firm has 6,700 shares of 6.60 percent preferred stock outstanding at a price of $89.00 per share. The preferre stock has a par value of $100. The outstanding debt has a total face value of $368,000 and currently sells for 105 percent a ace. The yield to maturity on the debt is 7.72 percent. What is the firm's weighted average cost of capital if the tax rate is 2 percent?