XXX Inc. has 3 million shares of common stock whose price is $30/share, 1 million shares of preferred stock whose price is $25/share, and 400,000 corporate bonds whose price is $102/bond outstanding.

The beta of XXXs common stock is 1.5

The expected return of the market portfolio is 10%

The treasury bill rate is 2%.

The preferred stock of XXX Inc. pays a dividend of $0.5 per share every quarter.

XXXs bond has a face value of $100, 10 years to mature, and pays semiannual coupons with a coupon rate of 8%.

The tax rate is 20%.

What is the weighted average cost of capital for XXX Inc.?