Palencia Paints Corporation has a target capital structure of 45% debt and 55% common equilty, with no preferred stock. Its before tax cost of debt is 13%, and its marginal tax rate is 40%. The current stock price is Po = $24.50. The last dividend was Do = $2.25, 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. % b. WACC - %