Johnny Cake Ltd has 12 million shares of stock outstanding selling at $17 per share and an issue of $60 million in 9 percent annual coupon bonds with a maturity of 18 years, selling at 91.5 percent of par. Assume 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 final answer to 2 decimal places.)