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 Po = $32.50. The last dividend was Do = $2.75, 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. WACC = Project L requires an initial outlay at t = 0 of $54,676, its expected cash inflows are $9,000 per year for 11 years, and its WACC is 10%. What is the project's IRR? Round your answer to two decimal places