TAFKAP Industries has 5 million shares of stock outstanding selling at $16 per share, and an issue of $30 million in 8.0 percent annual coupon bonds with a maturity of 15 years, selling at 105 percent of par. Assume TAFKAPs weighted average tax rate is 34 percent and its cost of equity is 14.5 percent.

What is TAFKAPs WACC?(Do not round intermediate calculations and round your finalanswer to 2 decimal places.)