Johnny Cake Ltd. has 12 million shares of stock outstanding selling at $19 per share and an issue of $60 million in 9 percent annual coupon bonds with a maturity of 16 years, selling at 93.5 percent of par. Assume Johnny Cake’s weighted-average tax rate is 34 percent, its next dividend is expected to be $3 per share, and all future dividends are expected to grow at 6 percent per year, indefinitely. What is its WACC?