ABC Inc. borrows money at 9%, sells bonds at 7%, and the purchasers of common stock require 9% rate of return. If the company has borrowed $40 million, sold $60 million in bonds, and sold $100 million worth of common stocks, what is the Weighted Average Cost of Capital (WACC)?

Enter the answer as a percentage. For example 12.34% is 12.34. Enter 2 decimal places. Do not enter the percentage symbol.