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Dani Corporation has 9 . 1 million shares of common stock outstanding. The current share price is $ 6 1 , and the book value

Dani Corporation has 9.1 million shares of common stock outstanding. The current share price is $61, and the book value per share is
$3. The company also has two bond issues outstanding. The first bond issue has a face value of $71.6 million, a coupon rate of 7.8
percent, and sells for 107.5 percent of par. The second issue has a face value of $61.6 million, a coupon rate of 8.3 percent, and sells
for 110.5 percent of par. The first issue matures in 7 years, the second in 28 years.
The company's stock has a beta of 11. The risk-free rate is 3.9 percent, and the market risk premium is 7.8 percent. Assume that the
overall cost of debt is the weighted average implied by the two outstanding debt issues. Both bonds make semiannual payments. The
tax rate is 23 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.,32.16.
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