Titan Industries has its outstanding bonds maturing in 10 years, have a total face value of $50,000,000, a face value per bond of $1,000, and a market price of $950 each. The bonds pay 6 percent coupon, semiannually. Titan has 2,000,000 shares of common stock outstanding at a market price of $55 a share. The common stock just paid a $3 annual dividend and has a dividend growth rate of 10 percent. There are 600,000 shares of 9 percent preferred stock outstanding at a par value of $100 a share. Currently, the preferred stock is priced at $105. The tax rate is 40 percent. What is the firm's weighted average cost of capital