AllCity, Inc., is financed 37 % with debt, 15 % with preferred stock, and 48 % with common stock. Its cost of debt is 5.8 %, its preferred stock pays an annual dividend of $ 2.51 and is priced at $ 34. It has an equity beta of 1.13. Assume the risk-free rate is 2.4 %, the market risk premium is 7 % and AllCity's tax rate is 35 %. 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.)