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Johnny Cake Limited has 8 million shares of stock outstanding selling at \\( \\$ 17 \\) per share and an issue of \\( \\$ 40 \\) million in 10 percent coupon bonds with a maturity of 18 years, selling at 92.5 percent of par. Assume Johnny Cake's weighted-average tax rate is 21 percent, it cannot make use of interest tax shields for the foreseeable future, its next dividend is expected to be \\( \\$ 3 \\) per share, an future dividends are expected to grow at 5 percent per year, indefinitely. What is its WACC? Note: Do not round intermediate calculations. Round your final answer to 2 decimal places. Answer is complete but not entirely correct. Johnny Cake Limited has 8 million shares of stock outstanding selling at \\( \\$ 17 \\) per share and an issue of \\( \\$ 40 \\) million in 10 percent coupon bonds with a maturity of 18 years, selling at 92.5 percent of par. Assume Johnny Cake's weighted-average tax rate is 21 percent, it cannot make use of interest tax shields for the foreseeable future, its next dividend is expected to be \\( \\$ 3 \\) per share, an future dividends are expected to grow at 5 percent per year, indefinitely. What is its WACC? Note: Do not round intermediate calculations. Round your final answer to 2 decimal places. Answer is complete but not entirely correct

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