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 percent of par. If Johnny Cake's weighted average tax rate is 34 percent, its next dividend is expected to be $3.00 per share, and all future dividends are expected to grow at 4 percent per year, indefinitely, what is its WACC?