You have been assigned to calculate the weighted average cost of capital (WACC) of XYZ corporation. The target capital structure of XYZ is 30.00% debt and the remaining is common equity. XYZ's bonds have a yield of 14.50%. The corporation paid dividend of $2.95 and the future dividends are expected to grow at a constant rate of 5.00%. The current market price per share of common stock is $21.55. The flotation costs are 11.00% of price per share. The tax bracket is 35.00%. Calculate the WACC when the corporation is to finance its investments through a new stock issue