Kuhn Co$.$ is considering a new project that will require an initial investment of $$45$ million. It has a target capital structure of $45\%$ debt, $4\%$ preferred stock, and $51\%$ common equity. Kuhn has noncallable bonds outstanding that mature in $15$ years with a face value of $$1,000,$ an annual coupon rate of $11\%,$ and a market price of $$1555\mathrm{.}38.$ The yield on the company$$s current bonds is a good approximation of the yield on any new bonds that it issues. The company can sell shares of preferred stock that pay an annual dividend of $$8$ at a price of $$92\mathrm{.}25$ per share.

Kuhn does not have any retained earnings available to finance this project, so the firm will have to issue new common stock to help fund it$.$ Its common stock is currently selling for $$22\mathrm{.}35$ per share, and it is expected to pay a dividend of $$2\mathrm{.}78$ at the end of next year. Flotation costs will represent $8\%$ of the funds raised by issuing new common stock. The company is projected to grow at a constant rate of $9\mathrm{.}2\%,$ and they face a tax rate of $25\%.$ What will be the WACC for this project?