WACC Midwest Electric Company (MEC) uses only debt and common equity. It can borrow unlimited amounts at an interest rate of r_d = 10% as long as it finances at its target capital structure, which calls for 30% debt and 70% common equity. Its last dividend (D₀) was $2, its expected constant growth rate is 4%, and its common stock sells for $20. MEC's tax rate is 40%. The cost of common equity is 14.40%. Two projects are available: Project A has a rate of return of 13%, while Project B's return is 10%. These two projects are equally risky and about as risky as the firm's existing assets. What is the WACC? Round to TWO decimal places.