AllCity, Inc., is financed 35% with debt, 8% with preferred stock, and 57% with common stock. Its pretax cost of debt is 5.6%, its preferred stock pays an annual dividend of $2.49 and is priced at $33. It has an equity beta of 1.14. Assume the risk-free rate is 2.5%, the market risk premium is 6.5% and AllCity's tax rate is 25%.

What is its after-tax WACC?

Note: Assume that the firm will always be able to utilize its full interest tax shield.

The WACC is ____%. (Round to two decimal places.)