1. Fisheye Inc. is investing in a new project costing $24 million. It will raise $6 million in bonds, $4 million in preferred stock, and $14 million in retained earnings. If the after-tax cost of debt is 5%, the cost of preferred stock is 10%, the cost of retained earnings is 18%, and the cost of new common stock is 24%, what is the WACC?
   1. Apply the appropriate mathematical model to solve the problem.
   2. Calculate the correct solution to the problem. Submit all answers as percentages and round to two decimal places.