Palencia Paints Corporation has a target capital structure of $45\%$ debt and $55\%$ common equity, with no preferred stock. Its before$-$tax cost of debt is $11\%,$ and its marginal tax rate is $25\%.$ The current stock price is P$0=$ $$29\mathrm{.}00.$ The last dividend was D$0=$ $$2\mathrm{.}50,$ and it is expected to grow at a $6\%$ 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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