ch 9 question 5

Oxy Corporation uses debt, preferred stock, and common stock to raise capital. The firm's capital structure targets the following proportions: debt, 57%; preferred stock, 10%; and common stock, 33\%. If the cost of debt is 5.1%, preferred stock costs 8.6%, and common stock costs 10.8%, what is Oxy's weighted average cost of capital (WACC)? Oxy's weighted average cost of capital (WACC) is %. (Round to two decimal places.)