Traveler's Rest has 12,000 shares of common stock outstanding at a market price of $31.16 a share, 4,500 shares of preferred stock outstanding at $45 a share, and 500 bonds outstanding that are selling for 89 percent of their $1,000 face value. The firm's pre-tax cost of debt is 8.9 percent. The cost of equity is 14.7 percent and the cost of preferred is 8.8 percent. What is the firm's weighted average cost of capital if the tax rate is 34 percent?