Titan Mining has 14 million shares of ordinary shares in issue, 900,000 shares of 9 % preference shares in issue and 210,000 ten % semi-annual debentures in issue, par value $1,000 each. The ordinary shares currently sells for $34 per share and has a beta of 1.15, the preference shares currently sells for $80 per share, and the debentures have 17 years to maturity and sell for 91 % of par. The market risk premium is 11.5 %, government bonds are yielding 7.5 %, and the firm's tax rate is 32 %. What discount rate should the firm apply to a new project's cash flows if the project has the same risk as the firm's typical project?