Caspian Sea Drinks' is financed with 60.00% equity and the remainder in debt. They have 12.00-year, semi-annual pay, 5.29% coupon bonds which sell for 98.21% of par. Their stock currently has a market value of $25.30 and Mr. Bensen believes the market estimates that dividends will grow at 3.11% forever. Next years dividend is projected to be $2.50. Assuming a marginal tax rate of 30.00%, what is their WACC (weighted average cost of capital)?

Please round answer to 2 decimal places :)