Triscoes Limited 2021 Balance Sheet shows:
Assets ($000s)			Debt+ Equity ($000s)
Assets	9,000		Debt	6,000
			Owners Equity	3,000
Total Assets	9,000		Total D+OE	9,000

Triscoes Debt consists of six thousand $1,000 bonds with a coupon rate of 10%p.a. and a yield to maturity (market return) of 6%p.a. The bonds have a market price of $1,500 each.

Triscoes Owners Equity consists of three million shares that have a current market value of $3.00 each. Triscoes shareholders expect a return of 15%p.a.

Triscoes pays New Zealand company tax at a rate of 28%.

Calculate Triscoes Weighted Average Cost of Capital (WACC), and explain what it means in your own words (Word limit: 50 words).