Compute the weighted average cost of capital (WACC) if the pre-tax cost of debt is 7%, the cost of equity is 12%, the corporate tax rate is 50%, the market value of the firms debt is $120 million, and the market value of the firms equity is $180 million.

Enter your answer as a percentage without "%", keep two decimal places (e.g., enter 6.375% as 6.38).