TinTan Inc. is a appliance manufacturer in the USA. The company currently has 2,000,000 common shares outstanding. The shares currently sell for $11 each. The company paid an annual dividend of $4.00 last year to its shareholders and plans to increase the dividend annually at the rate of 5.0%. TinTan Inc. also has 10,000 semiannual bonds outstanding with a coupon rate of 6%, a maturity of 28 years, and a par value of $1,000. The bonds currently have a yield to maturity (YTM) of 14%. What is the weighted average cost of capital (WACC) for TinTan Inc. if the corporate tax rate is 40%?

When answering this problem enter your answer using percentage notation but do not use the % symbol and use two decimals (rounding). For example, if your answer is 0.10469 then enter 10.47; if your answer is 10% then enter 10.00