Assume that you have been hired as a consultant by Gustav Foods, a major producer of cat food, treats, toys, and litter, to estimate the firm's weighted average cost of capital. They have provided you the following information:

• Common stock currently sells for $10.00 per share, the balance sheet shows that the company has 10 million shares of stock, and the cost of equity is 8.00%.
• Balance sheet shows a total of $20 million of debt in bonds with a face value of $1,000, a quoted price of 101.6, and YTM of 6%.
• 10,000 of preferred stock selling at $80 per share and a cost of preferred stock of 5.50%.
• The tax rate is 35%.

Calculate the companys WACC.

Write your answer as a percentage with 2 decimals. Do not use the % sign.