Caspian Sea Drinks' is financed with 68.00% equity and the remainder in debt. They have 10.00-year, semi-annual pay, 5.85% coupon bonds which sell for 98.46% of par. Their stock currently has a market value of $24.51 and Mr. Bensen believes the market estimates that dividends will grow at 3.06% forever. Next year's dividend is projected to be $2.67. Assuming a marginal tax rate of 25.00%, what is their WACC (weighted average cost of capital)?

Round 2 decimal places