Cream and Crimson has a capital structure of 40% debt and 60% equity. The tax rate is 32%. The firms bonds currently trade in the market for $784. These face value $1,000 bonds have a coupon rate of 8%, paid semiannually, with 7 years to maturity. The firms common stock trades for $15 per share. The dividend just paid was $2.00 and future dividends are expected to grow at 6% per year. Cream and Crimsons WACC is _____%.