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 = 3.00/22.00+5.00% = 18.64%

Before Tax Cost of Debt=

Equity Weight =

Debt Weight =

WACC =

Need help with other formulas. They seem to be off.