AllCity, Inc., is financed 40% with debt, 10% with preferred stock, and 50% with common stock. Its cost of debt is 6%, its preferred stock pays an annual dividend of $2.50 and is priced at $30. It has an equity beta of 1.1 . Assume the risk-free rate is 2%, the market risk premium is 7% and AllCity's tax rate is 35%. What is its after-tax WACC? The WACC is \%. (Round to two decimal places.)