Caspian Sea Drinks' is financed with 64.00% equity and the remainder in debt. They have 12.00-year, semi-annual pay, 5.03% coupon bonds which sell for 97.90% of par. Their stock currently has a market value of $25.97 and Mr. Bensen believes the market estimates that dividends will grow at 3.69% forever. Next years dividend is projected to be $2.72. Assuming a marginal tax rate of 24.00%, 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))