AllCity, Inc, is financed 35% with debt, 15% with preferred stock, and 50% with common stock. Its pretax cost of debt is 6%, its preferred stock pays an annual dividend of $2.54 and is priced at $28. It has an equity beta of 1.13. Assume the risk-free rate is 2%, the market risk premium is 6.7% and AlCitys tax rate is 25%. What is its after-tax WACC? Note: Assume that the firm wili alvays be able to utilize its full interest tax shield. The WACC is 46. (Round to two decimal places.)