Weighted average cost of​ capital) The target capital structure for Jowers Manufacturing is 50 percent common​ stock, 15 percent preferred​ stock, and 35 percent debt. If the cost of common equity for...

Weighted average cost of​ capital)

The target capital structure for Jowers Manufacturing is 50 percent common​ stock, 15 percent preferred​ stock, and 35 percent debt. If the cost of common equity for the firm is 20 percent, the cost of preferred stock is 12 ​percent, and the​ before-tax cost of debt is 10 ​percent, what is​ Jowers' cost of​ capital? The​ firm's tax rate is 34 percent.

Jowers' cost of capital is     ​%. ​(Round to three decimal​ places.)