Consider the following information for Draberg Corporation.

• Debt: $82,000,000 book value outstanding. The debt is trading at 88% of book value. The yield to maturity is 11%.
• Equity: 3,200,000 shares selling at $49 per share. Assume the expected rate of return on Federateds stock is 20%.
• Taxes: Drabergs marginal tax rate is T_c = 0.21.

Calculate the weighted-average cost of capital (WACC). (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)