Assume that you are on the financial staff of Vanderheiden Inc., and you have collected the following data: The annual yield to maturity on the company's outstanding bonds is 7.75%, its tax rate is 40%, the next expected dividend is $0.65 (D₁= $.65) a share, the dividend is expected to grow at a constant rate of 6.00% a year, the price of the stock is $15.00 per share, the flotation cost for selling new shares is F = 10% (.10 in decimal form), 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?