A company is considering a new capital structure. Currently, the company has debt of R10 million and equity of R20 million. The debt is in the form of bonds with a current yield to maturity of 10% on a par value of R10 000 with a remaining life of 10 years and an annual coupon payment of 9.39%. The company has a share price of R5 per share with 5 million outstanding shares. The cost of equity associated with the company's equity is 12%. Determine the WACC for the company. A tax rate of 27% applies.