The following information is taken from the Statement of Income and Balance Sheet for Littlebrain Ltd for the year ended 31 December 2015 $ Net profit after taxes 280,000 Retained earnings 1.1.2015 150,000 430,000 Less Dividends on ordinary shares 180,000 Dividends on preference shares 48,000 Retained earnings 202,000 ASSETS Inventory 202,000 Accounts receivable 500,000 Land and buildings 2,000,000 Plant and equipment 1,000,000 3,702,000 LIABILITIES Accounts payable 100,000 Bank overdraft 800,000 11% debentures, $100 par value 1,000,000 1,900,000 SHAREHOLDERS FUND 8% preference shares $10 issue value 600,000 Ordinary shares $1 issue value 1,000,000 Retained earnings 202,000 1,802,000 Additional information The nominal rate of interest on the bank overdraft is 10%. Interest is calculated monthly. The debentures are currently selling at $96.50. They mature in seven years. The preference shares are currently selling at $9.50 each. The ordinary shares are selling at $2.40 each with a dividend growth rate of 6%. The company income tax rate is 30 cents in the dollar. Required: Calculate the WACC to 2 decimal places