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 94.0 percent of par. The Par Value of each bond is $1,000. Assume Johnny Cakes 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 5 percent per year, indefinitely.

What is its WACC?