XYZ Ltd. currently has 2 million common shares of stock outstanding, and the stock has a beta of 2.2. It also has $8 million face value of bonds that have four years remaining to maturity and a 10% coupon with semi-annual payments and are priced to yield 13.65%. If XYZ issues up to $4 million of new bonds, the bonds will be priced at par and will have a yield of 13.65%; if it issues bonds beyond $4 million, the expected yield on the entire issuance will be 15%. XYZ has learned that it can issue new common stock at $10 a share. The current risk-free rate of interest is 2%, and the expected market return is 9%. XYZ's marginal tax rate is 30%. If XYZ raises $6 million of new capital while maintaining the same debt-to-equity ratio, its weighted average cost of capital will be closest to