Excelon $($Pty$)$ Ltds cash flow from operations before interest and taxes was R$1\mathrm{.}2$ million in the year just ended, and it expects that this will grow by $5\%$ per year forever. To make this happen, the firm will have to invest an amount equal to $20\%$ of pre$-$tax cash flow from operations before interest and taxes each year in capital expenditure. Annual investment in net working capital for the next year is expected to be R$84000.$ The South African corporate tax rate is $27\%.$ Depreciation was R$160000$ in the year just ended and is expected to grow at the same rate as the operating cash flow. Excelon $($Pty$)$ Ltd has a target debt ratio of $45\%$ and the required rate of return on the market is $18\%.$ The firm currently has debt of R$4492000$ outstanding and the average borrowing rate on the outstanding debt amounts to $11\%.$ The beta of a similar listed company as Excelon $($Pty$)$ Ltd amounts to $1\mathrm{.}4$ and the market risk premium is $8\%.4\mathrm{.}1$ Calculate the weighted average cost of capital of Excelon $($Pty$)$ Ltd