Empire Electric Company (EEC) uses only debt and common equity. It can borrow unlimited amounts at an interest rate of ra = 7.88% as long as it finances at its target capital structure which calls for 47% and the rest in common equity. The market expects EEC to pay a dividend in one year (D1) of$2.78 its expected constant future growth rate is 6.76%, and its common stock sells for $35.39. EEC's tax rate is 34%. What is EEC's WACC? State your answer as a percentage to 2 decimal places. Do not include the % symbol