Travis Travis

Travis & Sons has a capital structure that is based on $45$ percent debt, $5$ percent preferred stock, and $50$ percent common stock. The pretax cost of debt is $8\mathrm{.}3$ percent, the cost of preferred is $9\mathrm{.}2$ percent, and the cost of common stock is $15\mathrm{.}4$ percent. The tax rate is $21$ percent. A project is being considered that is equally as risky as the overall company. This project has initial costs of $$287,000$ and annual cash inflows of $$91,000,$$$248,000,$ and $$145,000$ over the next three years, respectively. What is the weighted average cost of capital? $($Answer in decimals$)$

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