B Company has 10 million 25 cents ordinary shares in issue with a current price of 155 cents cum dividend. An annual dividend of 9 cents has just been proposed. The company earns an accounting rate of return to equity (ROE) of 10% and pays out 40% of the return as dividends. The company also has 13% redeemable loan notes with a normal value of $7 million, trading at $105. They are due to be redeemed at par in 5 years' time. If the rate of corporation tax is 33%, what is the company's WACC?