New Life Co. has $77,000 debt and $140,000 equity in the firm. Its current borrowing rate is 9%, its tax rate is 40%, and its cost of equity is at 17%. Help this company to compute its weighted average cost of capital (WACC)? Round your answer to 2 decimal places in a percentage, i.e. xx.xx% (Show your work to earn credit! NO credit will be granted if no calculation information is provided.)