Cede & Co$.$ expects its EBIT to be $$77,712$ every year forever. The firm can borrow at $11\%.$ Cede currently has no debt, and its cost of equity is $22\%.$ The tax rate is $32\%.$

What is the firm$$s WACC after borrowing $$45,000$ and using the proceeds to repurchase shares $($i$.$e$.,$ after recapitalization$)?($Answer in percentage terms and round to $2$ decimal places. Do not round intermediate calculations.$)$