Gazapizm Corporation wants to calculate its Weighted Average Cost of Capital ( WACC) for next year.

• The firm's long-term bonds have a yield to maturity of 6 %.
• The firm's stock price is $46 per share
• .The firm recently paid a dividend of $3 per share.
• The dividend is expected to grow at a constant rate of 4 percent a year.
• The firm pays a 15 percent flotation cost whenever it issues new common stock.
• The firm's target capital structure is 60 percent equity and 40 percent debt.
• The firm's tax rate is 25 percent.
• The firm does not anticipate issuing new common stock during the upcoming year.

What is the company's WACC?