Consider a firm that has $$14$ million in debt, $$1$ million in preferred stock, and $$23$ million in equity. The rate of return for debt,

preferred stock, and equity is $3\%,7\%,$ and $11\%,$ respectively. The corporate tax rate is $36\%.$ What is the weighted average cost of

capital? Enter your answer as a percentage and rounded to $2$ DECIMAL PLACES. Do not include the percentage sign in your

answer.