The common stock of ABC Inc. closed yesterday at $30 per share while it's preferred stock closed at $40. It has 3,000,000 common and 1,000,000 preferred shares outstanding. ABC has a beta of .8 and pays $.50 in preferred dividends quarterly. ABC also has 10,000 30-year bonds outstanding with a 6% coupon that were issued in July, 2002, now trading at 93% of face value. ABC pays an income tax rate of 34%. Assume the market risk premium is 7.4% and the current T-Bill rate is .03%. Calculate the weighted average cost of capital for ABC.