The market value of all PTX debentures is $11 million when the market yield for PTX debentures is 12.16%. The cost of equity for PTX Ltd is estimated to be 24.18% with the current market value of $31 million. The tax rate is 30%. Find the WACC for PTX Ltd.

(Round the final answer to two decimal places. If your answer is 12.34%, write 12.34; do NOT write 0.1234)