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 $3\%$ 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?

$($Note: Round your intermediate calculations to two decimal places.$)$