Johnny Cake Ltd. has 14 million shares of stock outstanding selling at $19 per share and an issue of $70 million in 8 percent annual coupon bonds with a maturity of 18 years, selling at 94.5 percent of par. 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 4 percent per year, indefinitely.

What is its WACC? (Do not round intermediate calculations and round your final answer to 2 decimal places.)