Assume that you have been asked to place a value on the ownership position in Briarwood Hospital. Its projected profit and loss statements and retention requirements are shown below $($in millions$)$:

Year $1$ Year $2$ Year $3$ Year $4$ Year $5$

Net revenues $$225\mathrm{.}0$ $$240\mathrm{.}0$ $$250\mathrm{.}0$ $$260\mathrm{.}0$ $$275\mathrm{.}0$

Cash expenses $$200\mathrm{.}0$ $$205\mathrm{.}0$ $$210\mathrm{.}0$ $$215\mathrm{.}0$ $$225\mathrm{.}0$

Depreciation $$11\mathrm{.}0$ $$12\mathrm{.}0$ $$13\mathrm{.}0$ $$14\mathrm{.}0$ $$15\mathrm{.}0$

Earnings before interest and taxes $$14\mathrm{.}0$ $$23\mathrm{.}0$ $$27\mathrm{.}0$ $$31\mathrm{.}0$ $$35\mathrm{.}0$

Interest $$8\mathrm{.}0$ $$9\mathrm{.}0$ $$9\mathrm{.}0$ $$10\mathrm{.}0$ $$10\mathrm{.}0$

Earnings before taxes $$6\mathrm{.}0$ $$14\mathrm{.}0$ $$18\mathrm{.}0$ $$21\mathrm{.}0$ $$25\mathrm{.}0$

Taxes $(40\%)$ $$2\mathrm{.}4$ $$5\mathrm{.}6$ $$7\mathrm{.}2$ $$8\mathrm{.}4$ $$10\mathrm{.}0$

Net profit $$3\mathrm{.}6$ $$8\mathrm{.}4$ $$10\mathrm{.}8$ $$12\mathrm{.}6$ $$15\mathrm{.}0$

Estimated retentions $$10\mathrm{.}0$ $$10\mathrm{.}0$ $$10\mathrm{.}0$ $$10\mathrm{.}0$ $$10\mathrm{.}0$

Briarwood's cost of equity is $16$ percent, its cost of debt is $10$ percent, and its optimal capital structure is $40$ percent debt and $60$ percent equity. The best estimate for Briarwood's long$-$term growth rate is $4$ percent. Furthermore, the hospital currently has $$80$ million in debt outstanding.

What is Briarwood's corporate cost of capital $($CCC$)?$