Johnny Cake Limited has $8$ million shares of stock outstanding selling at $$18$ per share and an issue of $$40$ million in $8$ percent annual coupon bonds with a maturity of $17$ years, selling at $92\mathrm{.}0$ percent of par. Assume Johnny Cake$$s weighted$-$average tax rate is $21$ percent, it cannot make use of interest tax shields for the foreseeable future, its next dividend is expected to be $$3$ per share, and all future dividends are expected to grow at $4$ percent per year, indefinitely.

What is its WACC?

Note: Do not round intermediate calculations. Round your final answer to $2$ decimal places.