Baker's footwear has 8,000 shares of common stock outstanding at a price per share of $64 and a rate of return of 15%. The firm has 2,000 share of 6% preferred stock outstanding at a price of $54 per share. The preferred stock has a par value of $100. The outstanding debt has a total face value of $100,000 and a market price equal to 102 percent of face value. The yield-to-maturity on the debt is 9.36 percent. What is the firm's weighted average cost of capital if the tax rate is 35%? I know the answer is 13.16% I just need a detailed explanation of this question.