Johnny Cake Ltd$.$ has $12$ million shares of stock outstanding selling at $$23$ per share and an issue of $$60$ million in $8$ percent annual

coupon bonds with a maturity of $16$ years, selling at $92\mathrm{.}0$ percent of par. Assume Johnny Cake's weighted$-$average tax rate is $21$

percent, its next dividend is expected to be $$3$ per share, and all future dividends are expected to grow at $4$ percent per year,

ndefinitely.

What is its WACC? $($Do not round intermediate calculations. Round your final answer to $2$ decimal places.$)$

WACC

$\%$