Johnny Cake Ltd. has 8 million shares of stock outstanding selling at $22 per share an an issue fo $40 million in 10 percent annual coupon bonds with a maturity of 17 years, selling at 94 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.)

Given:

Shares outstanding	8,000,000
Price Per Share	$22.0
Face Value of Outstanding Bond Issue	$40,000,000
Coupon Rate on bonds	10%
Maturity of bonds	17
Price of Bonds (% of par)	94.0
Weighted Average Tax Rate	34.0%
Next Expected Dividend	$3.00
Expected Dividend Growth Rate	5.0%

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

Answer:

Before Tax Cost of Equity =

Before Tax Cost of Debt=

Equity Weight =

Debt Weight =

WACC =

Please show a step by step.

Thanks.