Johnny Cake Ltd$.$ has $14$ million shares of stock outstanding selling at $$18$ per share and an issue of

$$70$ million in $10$ percent annual coupon bonds with a maturity of $16$ 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.$)$