ABC, Inc.'s target capital structure is 35% debt, 15% preferred, and 50% common equity. The before-tax cost of debt (Rp) is 3.45%, the cost of preferred stock (Rp) is 9.88%, and the cost of common stock (RE) is 22.77%. If the tax rate is 20%. What is the WACC? Enter your answer as a percentage and round off to two decimal points. Do not enter % in the answer box.