Acort Industries has 9 million shares outstanding and a current share price of $36 per share. It also has long-term debt outstanding. This debt is risk free, is four years away from maturity, has an annual coupon rate of 10%, and has a $100 million face value. The first of the remaining coupon payments will be due in exactly one year. The riskless interest rates for all maturities are constant at 6%. Acort has EBIT of $108 million, which is expected to remain constant each year. New capital expenditures are expected to equal depreciation and equal $10 million per year, while no changes to net working capital are expected in the future. The corporate tax rate is 45%, and Acort is expected to keep its debt-equity ratio constant in the future (by either issuing additional new debt or buying back some debt as time goes on).

a. Based on this information, estimate Acort's WACC ______% (round to two decimal places)

b. What is Acort's equity cost of capital? ____% (round to two decimal places)