Johnny Cake Ltd. has 8 million shares of stock outstanding selling at $18 per share and an issue of $40 million in 8 percent annual coupon bonds with a maturity of 17 years, selling at 92.0 percent of par. Assume Johnny Cakes 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?