An essential oil company plans to start a new project and will finance the project with 40% debts and the rest in common stocks. The company will issue a 10-year, 5% coupon bond that is can sell for $925.61. The company's stock is currently selling for $48 a share. It is paying $1.3 in dividend and dividend has been growing at 9% a year, and is expect to remain the same. The company's stock has a beta of 1.15 and the market rate of return is 11.3%, with risk free rate of 2.75%. The company's tax rate is 28%. What is the weighted average cost of capital (WACC) for the company? HTML