Consider the case of Kuhn Co. Kuhn Co. is considering a new project that will require an iDitial investment of $45 million. It has a target capital structure of 58%6 debt, 695 preferred stock, and 36% common equity. Kuhn has noncallable bonds outstanding that mature in 15 years with a face value of $1,000, an annual coupon rate of 11\%, and a market price of $1555.38. The yleld on the company's current bonds is a good approximation of the yield on any new bonds that it issues. The company can sell shares of preferred stock that pay an annual dividend of $9 at a price of $95.70 per share. Kuhn does not have any retained earnings avaliable to finance this project, so the firm will have to issue new common stock to heip fund it. Its common stock is currently selling for $22.35 per share, and it is expected to pay a dividend of $1.36 at the represent 8% of the funds raised by issuing new common stock. The company is projected to grow at a cons. .rate of 9.2%, and they face a tax rate of 25%. What will be the WACC for this project? (Note: Round your intermedinte calculations to two decimal places.)