ABC, Inc.'s target capital structure is 30% debt, 45% preferred, and 25% common equity. The before-tax cost of debt (Rp) is 2.85%, the cost of preferred stock (Rp) is 8.41%, and the cost of common stock (Re) is 29.17%. If the tax rate is 19%. What is the WACC? Enter your answer as a percentage and round off to two decimal points. Do not enter % in the answer box