ABC, Inc.'s target capital structure is 20% debt, 35% preferred, and 45% common equity. The before-tax cost of debt (RD) is 3.72%, the cost of preferred stock (RP) is 9.89%, and the cost of common stock (RE) is 17.07%. If the tax rate is 26%. What is the WACC?
Enter your answer as a percentage and round off to two decimal points. Do not enter % in the answer box.