Peter's audio shop has a cost of debt of 7%, a cost of equity of 11%, and a cost of preferred stock of 8%. the firm has 104,000 shares of common stock outstanding at a market price of $20 a share. the

Peter's audio shop has a cost of debt of 7%, a cost of equity of 11%, and a cost of preferred stock of 8%. the firm has 104,000 shares of common stock outstanding at a market price of $20 a share. there are 40,000 shares of preferred stock outstanding at a market price of $34 a share. the bond issue has a total face value of $500,000 and sells at 102% of face value. the tax rate is 34%. what is the weighted average cost of capital for peter's audio shop?