Kitin ca. is considering a new project that will require an initial investment of $4 million. It has a target capital structure of 58% debt, 6% preferred stock, and 36 Mh common equity, Kuhn has noncallable bonds outstanding that mature in 15 years with a face value of $1,000, an annual coupon rate of 11%, and a market price of $1555,36. The yield on the company's current bonds is a good approximation of the yield on any new bonds that it issues. The compary can sell shares of preferred stock that pay an annual dividend of $8 at a price of $95.70 per share. Kihn does not have any retained earnings avaliable to finance this project, so the firm will have to issue new common stock to help fund it. Its common stock is carrently selling for 333.35 per share, and it is expected to pay a dividend of $1.36 at the end of next year, Flotation costs will reoresent 32 of the funds ralsed by issing new common stock. The company is projected to grow at a constant rate of 8.7%, and they face a tax rate of 25 . What will be the Wacc for this prokect? (Note: Round your intermediate calculations to two decimal places.)