You are an analyst at the J$.$M$.$ Smucker Company $($SJM$),$ and your job is to calculate the weighted average cost of capital. Management has decided that the capital structure $f$

the next project should be $70\%$ equity and $30\%$ debt. For debt financing. SJM will use the money raised from its coupon bonds. SJM issued $20-$year semiannual coupon bonds

four years ago that have a face value of $$1,000$ with an annual coupon rate of $5\mathrm{.}10\%.$ Each bond is currently selling for $$1,030,$ and the corporate tax rate is $21\%.$ If the risk$-$fre

rate is $4\mathrm{.}91\%$ and the market risk premium is $6\mathrm{.}02\%,$ what is SJM$\text{'}$s weighted average cost of capital? Write your answer as a percent, and round to two decimal places. Additional information Beta is $0\mathrm{.}32$