A company plans to pay next year dividend of $3.00 and plans to increase the dividend annually at the rate of 5.0%. It currently has 1,000,000 common shares outstanding. The shares currently sell for $17 each. Five years ago, the company issued 20,000 semiannual 30-year bonds with a coupon rate of 10% and a par value of $1,000. The bonds currently have a yield to maturity (YTM) of 10%. What is the weighted average cost of capital (WACC) for the company if the corporate tax rate is 40%?

When answering this problem enter your answer using percentage notation but do not use the % symbol and use two decimals (rounding). For example, if your answer is 0.10469 then enter 10.47; if your answer is 10% then enter 10.00