Johnny Cake Ltd$.$ has $8$ million shares of stock outstanding selling at $$22$ per share

and an issue of $$40$ million in $10$ percent annual coupon bonds with a maturity of $17$

years, selling at $94\mathrm{.}0$ 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 $5$ percent per year, indefinitely.

What is its WACC? $($Do not round intermediate calculations and round your final

answer to $2$ decimal places.$)$

Shares outstanding

Price per share

Face value of outstanding bond issue $$40,000,000$

Coupon rate on bonds

Maturity of bonds

Price of bonds $(\%$ of par$)$

Weighted$-$average tax rate

Next expected dividend

Expected dividend growth rate

Complete the following analysis. Do not hard code values in your calculations.

Before$-$tax cost of equity

Before$-$tax cost of debt

Equity weight

Debt weight

WACC.

ENTER ANSWERS FOR THE QUESTIONS AS EXCEL FORMULA USING THE CELLS FROM THE PICTURE