The simplified balance sheet for Rensselaer Felt (in thousands) is as follows: The debt has an interest rate of 4.25% (short term) and 6.25% (long term). The expected rate of return on the company's shares is 13.25%. There are 7.53 million shares outstanding, and the shares are trading at $53. The tax rate is 30%. Assume the company issues $50 million in new equity and uses the proceeds to retire long-term debt. Also assume the company's borrowing rates are unchanged and the short-term debt is permanent. Calculate the cost of equity after the capital restructuring. (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.) Cost of equity Calculate the WACC after the capital restructuring. (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.) WACC