Given the information below, compute the after-tax WACC for Tiny Corp.

▪ Tiny Corp long term debentures were issued last week at par value of $30 million with a yield of 8% (annual coupons) 

▪ Tiny Corp has 50,000,000 shares outstanding. Each share is expected to pay a dividend of $0.50 in perpetuity at 4% 

▪ The beta (b) of Tiny Corp shares is 0.75 ▪ The expected return on the market portfolio is 15% 

▪ The risk-free rate is 5%

▪ The tax rate is 30%