TPA Ltd has the following capital structure: 60,000, 7% $100 debentures currently selling at $90.00 yielding 8% (annual coupons). 1,000,000 ordinary shares, with a beta of 1.2. These shares have just paid a dividend of $0.80 which is expected to grow indefinitely at 5% pa. The market risk premium is 8% and government risk-free bonds are paying 2%. If TPA faces a tax rate of 30% what is its Weighted Average Cost of Capital (WACC)? Round to 2 decimal places. 7.37% 9.75% 10.92% 9.81%