Hot Rock's Corp., one of Google's competitors, has issued long-term bonds with a market value of $50 million and an expected return of 9%. It has 4 million shares outstanding trading at $10 a share. At this price, the shares offer an expceted return of 17%. What is the weighted -average cost of capital (WACC) for Hot Rock's assets and operations? Assume Hot Rocks pays no taxes.

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