Question $13$

$1$ pts

A company has $6$ million outstanding shares of common stocks selling for $$15$ per share. The beta of the stock is $1\mathrm{.}8.$ The expected return on the market portfolio is $11\%,$ and the risk$-$free rate in the economy is $5\%.$ The company also has an issue of outstanding bonds with a $$50$ million par value and an $8\%$ coupon rate. The bonds currently trade at par. The company pays $21\%$ income taxes. What is the company's weighted average cost of capital $($WACC$)?$

Note: Write your answer in $\%$ terms with $2$ or more decimal places. For example, write $2\mathrm{.}54(\%)$ instead of $0\mathrm{.}0254.$