AllCity, Inc., is financed 37% with debt, 12% with preferred stock, and 51% with common stock. Its pretax cost of debt is 6.5%, its preferred stock pays an annual dividend of $2.47 and is priced at $34. It has an equity beta of 1.11. Assume the risk-free rate is 2.3%, 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.)