AllCity, Inc., is financed 44% with debt, 11% with preferred stock, and 45% with common stock. Its pretax cost of debt is 5.6%, its preferred stock pays an annual dividend of $2.46 and is priced at $32. It has an equity beta of 1.13. Assume the risk-free rate is 2.3%, the market risk premium is 6.6% 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 The WACC is

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(Round to two decimal places.)