Palencia Paints Corporation has a target capital structure of $35\%$ debt and $65\%$ common equity, with no preferred stock. Its before$-$tax cost of debt is $10\%,$ and its marginal tax rate is $25\%.$ The current stock price is $P_0=$$$29\mathrm{.}00.$ The last dividend was $D_0=$$$3\mathrm{.}00,$ and it is expected to grow at a $5\%$ constant rate. What is its cost of common equity and its WACC? Do not round intermediate calculations. Round your answers to two decimal places.

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