AllCity, Inc., is financed 35% with debt, 14% with preferred stock, and 51% with common stock. Its cost of debt is 6.5% its preferred stock pays an annual dividend of $2.47 and is priced at $28. It has an equity beta of 1.11. Assume the risk-free rate is 1.6%, the market risk premium is 7.1% and AllCity's tax rate is 35%. What is ts after-tax WACC? Note: Assume that the firm will always be able to utilize its full interest tox shield The WACC is % (Round to two decimal places.)