GENERAL INSTRUCTIONS: ENTER YOUR ANSWER WITHOUT THE % SIGN, BUT FORMATTED AS PERCENT WITH TWO DECIMAL PLACES, for instance if you compute 0.03468 interest rate on your calculator then ENTER 3.47 AS YOUR ANSWER. DO NOT ROUND IN YOUR CALCULATION STEPS (use calculator memory functions) TO AVOID ROUNDING ERRORS. There is a little bit of tolerance built into accepting/rejecting your answer, but if you round in your intermediate calculations you may be too far off. Mooing Rainbow, Inc. is a large established producer of dairy products. The company currently pays 4% interest rate on its debt, its cost of equity is 18%, and it faces an effective tax rate of 37%. The company's most recent filings reveal that it has 65 million common equity shares and 43 million bonds outstanding. The current market price of 1 share of the company's common stock is $650, and the current market price of 1 of the company's bonds is $1068. Calculate Mooing Rainbow's Weighted Average Cost of Capital (WACC).