AllCity, Inc., is financed 38 % with debt, 11 % with preferred stock, and 51 % with common stock. Its cost of debt is 6.3 % , its preferred stock pays an annual dividend of $ 2.48 and is priced at $ 31 . It has an equity beta of 1.11 . Assume the risk-free rate is 1.7 % , the market risk premium is 6.5 % 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.)