The statement of financial position of Cory and Urr Co is as follows

Equity shares have a current market value of 90c, and annual dividends are expected to remain at 18c in perpetuity. The loan notes have a current market value of $71.43 per $100 nominal value.

The rate of tax is 35%.

The company includes in its current liabilities a bank borrowing facility at variable interest rates which is renewed every 6 months. It can be assumed that $10 million of this borrowing is needed on a permanent basis by the company. The interest rate currently being charged for borrowing under this facility is 16% per annum.

What is Cory and Urr Co's current weighted average cost of capital (approximately)?