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Malik Brothers has a stock price of $45. In the fiscal year just ended, dividends were $2.00. Earnings per share and dividends are expected to increase at an annual rate of 9 percent. The risk-free rate is 5 percent, the market risk premium is 6.4 percent and the beta on Maliks stock is 1.25. Maliks target capital structure is 40% debt and 60% common equity. Maliks tax rate is 40 percent. New common stock can be sold to net $35 per share after flotation costs. Delta can sell bonds that mature in 25 years with a par value of $1,000 and an 8% coupon rate paid annually for $960.

Calculate the WACC if equity financing is from retained earnings. (note: 10.32 and 9.57 are both wrong answers)