16. Pfd Company has debt with a yield to maturity of 7.4%, a cost of equity of 13.1%, and a cost of preferred stock of 10.3%. The market values of its debt, preferred stock, and equity are $11.3 million, $2.8 million, and $14.5 million, respectively, and its tax rate is 22%. What is this firm's after-tax WACC? Note: Assume that the firm will always be able to utilize its full interest tax shield. Pfd's WACC is _____%? (Round to two decimal places.)

18. A retail coffee company is planning to open 110 new coffee outlets that are expected to generate $13.1 million in free cash flows per year, with a growth rate of 2.8% in perpetuity. If the coffee company's WACC is 10.1%, what is the NPV of this expansion? The present value of the free cash flows is $____ million. (Round to two decimal places.)