ABC, Inc.'s target capital structure is 35% debt, 15% preferred, and 50% common equity. The before-tax cost of debt (R_D) is 7.39%, the cost of preferred stock (R_P) is 13.3%, and the cost of common stock (R_E) is 20.93%. If the tax rate is 18%. What is the WACC?

Enter your answer as a percentage and round off to two decimal points. Do not enter % in the answer box.