AllCity, Inc., is financed 43 % with debt, 14 % with preferred stock, and 43 % with common stock. Its cost of debt is 5.9 %, its preferred stock pays an annual dividend of $ 2.49 and is priced at $ 26. It has an equity beta of 1.14. Assume the risk-free rate is 1.9 %, the market risk premium is 6.9 % 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 ------------%.