Big Inc. has a capital structure consisting of 60% common shares, 5% preferred shares and 35% debt and a corporate tax rate of 40%. The company's common shares are currently selling for $45 per share. The common share dividends have grown from $2 to $2.75 (just paid) over the last 5 years and this level of growth is expected to continue. Flotation costs are estimated at 3%. Its 7% preferred shares have a face value of $50 and are currently selling for $60. Flotation costs for the preferred shares are estimated at 3.5%. The company's 9% bonds currently yield 6% with flotation costs being estimated at 1.5%. 

Required: Calculate the company's weighted average cost of capital (Use 4 decimal places).