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TAFKAP Industries has 2 million shares of stock outstanding selling at $13 per share, and an issue of $12 million in 8.5 percent annual coupon

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TAFKAP Industries has 2 million shares of stock outstanding selling at $13 per share, and an issue of $12 million in 8.5 percent annual coupon bonds with a maturity of 20 years, selling at 107 percent of par. Assume TAFKAP's weighted average tax rate is 34 percent and its cost of equity is 13.0 percent. What is TAFKAP's WACC

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