Problem 13-3 Calculating WACC (LO3) Micro Spinoffs, Inc., issued 10-year debt a year ago at par value with a coupon rate of 7%, paid annually. Today, the debt is selling at $1,350. The firm's tax bracket is 40%. Micro Spinoffs also has preferred stock outstanding. The stock pays a dividend of $3 per share, and the stock sells for $30. Micro Spinoffs's cost of equity is 12%. What is its WACC if equity is 60%, preferred stock is 10%, and debt is 30% of total capital? (Do not round intermediate calculations. Round your answer to 2 decimal places.) WACC %