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 92.0 percent of par. Assume Johnny Cake's weighted-average 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.)