Universal Foods has a debt-to-value ratio of 37%, its debt is currently selling on a yield of 7%, and its cost of equity is 11%. The corporate tax rate is 40%. The company is now evaluating a new venture into home computer systems. The internal rate of return on this venture is estimated at 13.4%. WACCs of firms in the personal computer industry tend to average around 14%. a. What is Universal's WACC? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.) % Answer is complete but not entirely correct. WACC 7.16 %