Patton Paints Corporation has a target capital structure of 30% debt and 70% 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 P0 = $31. The last dividend was D0 = $2.2 and it is expected to grow at a 5% constant rate. What is its cost of common equity? What is its weighted average cost of capital (WACC) without issuing new common stock? (Please use 4 decimal places when doing the calculation.