Caspian Sea Drinks' is financed with 69.00% equity and the remainder in debt. They have 10.00-year, semi-annual pay, 5.38% coupon bonds which sell for 97.67% of par. Their stock currently has a market value of $25.50 and Mr. Bensen believes the market estimates that dividends will grow at 3.22% forever. Next years dividend is projected to be $2.63. Assuming a marginal tax rate of 27.00%, what is their WACC (weighted average cost of capital)?

ROUND TO 2 DECIMAL PLACES. THANKS IN ADVANCE.