A company's capital structure is 25% debt, 35% preferred, and 40% common equity. The tax rate is 35%, the interest rate on new debt is 8.5%, the cost of preferred stock is 6%, and the cost of common equity is 14%. The company's weighted average cost of capital (WACC) is ____________ %. This is calculated to two decimal places using the following formula:

WACC = WCS CCS + WPS CPS + WD CD