XYZ Company has a target capital structure of 55% common stock, 35% debt, and 10% preferred stock. The company wishes to issue a new bond ($1,000 par value) with 12% coupon rate and 30 years to maturity. The flotation costs will be $20 and the bond has to be sold at 5% discount. To issue new preferred stock the company has to pay $2 as flotation cost. The market value of preferred stock is $8 and stock will pay $1 dividend. New common stocks will cost the company $2. The expected dividend is $3 and the market value is $19 and a growth rate of 5%. Tax rate is 35%. What is the weighted average cost of capital? Calculate and show your work