The target capital structure for QM Industries is 42 percent common stock, 5 percent preferred stock, and 53 percent debt. If the cost of common equity for the firm is 18.1 percent, the cost of preferred stock is 10.1 percent, the before-tax cost of debt is 7.2 percent, and the firm's tax rate is 35 percent, what is QM's weighted average cost of capital QM's weighted average cost of capital is %. (Round to three decimal places.)