Find the weighted average cost of capital for a firm with a market value of equity equal to $31M and the market value of long-term debt equal to $6M. The company has 2 bond issues outstanding. One matures in 4 months, has a YTM of 6.41%, the other matures in 30 years and has a YTM of 20.49%. the company has a tax rate of 22% and equity beta of 1, the risk-free rate is 2.91% and the expected market return is 17.87%.

Answer Format: INCLUDE ONLY NUMBERS AND DECIMALS IN YOUR ANSWER. Do not include "$" "," or any other formatting. Carry interim computations to at least 4 decimals.

Enter percentage answers as a positive percentage % rounded to 2 decimal places. For example 0.123456 should be enter as: 12.35 (##.##)