Super Motors has a capital structure that consists of 60 percent equity and 40 percent debt. The companys long-term bonds have a before-tax yield to maturity of 9 percent. The company uses the Discounted Cash Flow (DCF) approach to determine the cost of equity. Super Motorss common stock currently trades at $25 per share. The year-end dividend (D1) is expected to be $2 per share, and the dividend is expected to grow forever at a constant rate of 6 percent a year. The company estimates that it will have to issue new common stock to help fund this years projects. The flotation cost on new common stock issued is 5 percent, and the companys tax rate is 40 percent. What is the companys weighted average cost of capital, WACC?