Johnny Cake Ltd. has 10 million shares of stock outstanding selling at $23 per share and an issue of $50 million in 9 percent annual coupon bonds with a maturity of 17 years, selling at 93.5 percent of par. Johnny Cake's weighted-average tax rate is 34 percent, 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?(Do not round intermediate calculations. Round your finalanswer to 2 decimal places.)