Johnny Cake Ltd$.$ has $12$ million shares of stock outstanding selling at $$20$ per share and an issue of $$60$ million in $10$ percent annual coupon bonds with a maturity of $18$ years, selling at $94\mathrm{.}0$ 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 $5$ percent per year, indefinitely.

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

WACC

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