You have been hired as a consultant for Seahawk Surfers and they need to estimate their weighted average cost of capital. The company has 50,000 shares of common stock outstanding at a market price of $30 a share. The common stock just paid a $1.10 annual dividend and has a growth rate of 3.2 percent. There are 10,000 shares of 5.5 percent preferred stock outstanding at a market price of $48 a share. The preferred stock has a par value of $100. The outstanding bonds mature in 11 years, have a total face value of $800,000, a face value per bond of $1,000, and a market price of $1,050 each. The bonds have a 8 percent coupon rate, the interest is paid semiannually. The tax rate is 35 percent. What is the firm's weighted average cost of capital?