Palencia Paints Corporation has a target capital structure of 40% debt and 60% common equity, with no preferred stock. Its before-tax cost of debt is 9%, and Its marginal tax rate is 40%. The current stock price is Po - $22.00. The last dividend was Do - $2.00, 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 ars 9 b. WACC %