Caspian Sea Drinks' is financed with 61.00% equity and the remainder in debt. They have 11.00-year, semi-annual pay, 5.94% coupon bonds which sell for 98.66% of par. Their stock currently has a market value of $25.81 and Mr. Bensen believes the market estimates that dividends will grow at 3.45% forever. Next years dividend is projected to be $2.67. Assuming a marginal tax rate of 32.00%, what is their WACC (weighted average cost of capital)?

Answer format: Percentage Round to: 2 decimal places (Example: 9.24%, % sign required. Will accept decimal format rounded to 4 decimal places (ex: 0.0924))