Assume that you are an intern with the Brayton Company, and you have collected the following data: The yield on the company's outstanding bonds is 7.75%; its tax rate is 40%; the next expected dividend is $0.65 a share; dividends is expected to grow at a constant rate of 6.00% a year indefinitely. The price of the stock is $15.00 per share, the flotation cost for selling new shares is 10%, and the target capital structure is 45% debt and 55% common equity. What is the firm's WACC, assuming it must issue new stock to finance its capital budget?