Bono, Inc., is considering a project that will result in initial aftertax cash savings of $7.

Bono, Inc., is considering a project that will result in initial aftertax cash savings of $7.0 million at the end of the first year, and these savings will grow at a rate of 3 percent per year indefinitely. The firm has a target debt-equity ratio of 0.69, a cost of equity of 13.4 percent, and an aftertax cost of debt of 6.4 percent. The cost-saving proposal is somewhat riskier than the usual project the firm undertakes; management uses the subjective approach and applies an adjustment factor of +3 percent to the cost of capital for such risky projects.Requirement 1:Calculate the WACC. (Do not include the percent sign (%). Round your answer to 2 decimal places (e.g., 32.16).) WACC