Western Electric has 27,000 shares of common stock outstanding at a price per share of $69. A dividend of $5.94 per share was just paid and the stock grows at 4.5% annually. The firm has 6,800 shares of 6.80 percent preferred stock outstanding at a price of $90.00 per share. The preferred stock has a par value of $100. The outstanding debt has a coupon rate of 8.25%, 30 years to maturity, a total face value of $374,000 and currently sells for 106 percent of face. What is the firm's weighted average cost of capital if the tax rate is 40 percent?