Rolex Inc. has 44.7 million shares outstanding trading at $20.2 per share. In addition, Rolex has $143 million in outstanding debt. Suppose Rolex equity cost of capital is 13%, its debt cost of capital is 7%, and the corporate tax rate is 40%. Rolex target capital structure is the same as indicated by current market conditions.
Rolex weighted average cost of capital is: (Please show work)