Dani Corporation has $8$ million shares of common stock outstanding. The current share price is $$80,$ and the book value per share is $$8.$ The company also has two bond issues outstanding. The first bond issue has a face value of $$125$ million, has a coupon rate of $5$ percent, and sells for $91$ percent of par. The second issue has a face value of $$110$ million, has a coupon rate of $4$ percent, and sells fo $106$ percent of par. The first issue matures in $23$ years, the second in $9$ years.

Suppose the most recent dividend was $$4\mathrm{.}80$ and the dividend growth rate is $5\mathrm{.}1$ percent. Assume that the overall cost of debt is the weighted average of that implied by the two outstanding debt issues. Both bonds make semiannual payments. The tax rate is $21$ percent. What is the company's WACC?

Note: Do not round intermediate calculations and enter your answer as a percent rounded to $2$ decimal places, e$.$g$.,32\mathrm{.}16.$

WACC

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