AllCity, Inc., is financed 44% with debt, 6% with preferred stock, and 50% with common stock. Its cost of debt is 6.3%, its preferred stock pays an annual dividend of $2.54 and is priced at $31. It has an equity beta of 1.11. Assume the risk-free rate is 2.3%, the market risk premium is 7.4% 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.)