Johnny Cake Ltd. has 12 million shares of stock outstanding selling at $21 per share and an issue of $60 million in 8 percent annual coupon bonds with a maturity of 17 years, selling at 94.5 percent of par. Assume Johnny Cake's weightedaverage 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 4 percent per year, Indefinitely. What is its WACC? (Do not round intermediate calculations. Round your final answer to 2 decimal places.)