Consider the following information for Federated Junkyards of America.

• Debt: $78,000,000 book value outstanding. The debt is trading at 93% of book value. The yield to maturity is 8%.
• Equity: 2,800,000 shares selling at $45 per share. Assume the expected rate of return on Federateds stock is 17%.
• Taxes: Federateds marginal tax rate is T_c = .30.

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

Weighted-average cost of capital %