Assume that you are on the financial staff of Jamar Inc, and you have collected the following data: The yield on the company's outstanding bonds is 9%, its tax rate is 21%, the next expected dividend is $2 a share, the dividend is expected to grow at a constant rate of 7% a year, the price of the stock is $16 per share the flotation cost for selling new shares is F = 10%, and the target capital structure is 15% debt and 85% common equity, What is the firm's WACC, assuming it must issue new stock to finance its capital budget