Tix Inc. is a electronics store.The company has 1,000,000 common shares outstanding. The shares currently sell for $53 each. Next year dividend is $8.00 and the company plans to increase the dividend annually at the rate of 5.0% forever. Four years ago, Tix Inc. issued 10,000 semiannual 23-year bonds with a coupon rate of 9% 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 Tix Inc. if the corporate tax rate is 20%?

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 0.10469then enter 10.47; if your answer is 10%then enter 10.00

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