Johnny Cake Limited has $8$ million shares of stock outstanding selling at $$21$

per share and an issue of $$40$ million in $9$ percent annual coupon bonds with a

maturity of $18$ years, selling at $93\mathrm{.}5$ 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 $6$ percent per year,

indefinitely.

What is its WACC?

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

decimal places.