Pfd Company has debt with a yield to maturity of 8.24%, a cost of equity of
15.31% ,and a cost of preferred stock of 9.36%. The market values of its debt, preferred stock, and equity
are $14.6 million, $2.6 million and $14.1 million respectively and its tax rate is 28%. What is this firm's after-tax WACC?
Note: Assume that the firm will always be able to utilize its full interest tax shield.