You have the following information about Burgundy Basins, a sink manufacturer.

Equity shares outstanding $20$ million

Stock price per share $ $37$

Yield to maturity on debt $5\mathrm{.}5\%$

Book value of interest$-$bearing debt $ $340$ million

Coupon interest rate on debt $4\mathrm{.}2\%$

Market value of debt $ $235$ million

Book value of equity $ $390$ million

Cost of equity capital $11\mathrm{.}4\%$

Tax rate $35\%$

Burgundy is contemplating what for the company is an average$-$risk investment costing $$34$ million and promising an annual ATCF of $$4\mathrm{.}7$ million in perpetuity. What is the weighted average cost of capital?