Question: Ivanhoe Co. has a capital structure, based on current market values, that consists of 35 percent debt, 8 percent preferred stock, and 57 percent common

Ivanhoe Co. has a capital structure, based on current market values, that consists of 35 percent debt, 8 percent preferred stock, and 57 percent common stock. If the returns required by investors are 9 percent, 13 percent, and 15 percent for the debt, preferred stock, and common stock, respectively, what is Ivanhoes after-tax WACC? Assume that the firms marginal tax rate is 40 percent. (Round final answer to 2 decimal places, e.g. 15.25%.)

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