Consider a firm that has $$18$ million in debt, $$2$ million in preferred stock, and $$30$ million in equity. The rate of return for debt, preferred stock, and equity is $1\%,4\%,$ and $14\%,$ respectively. The corporate tax rate is $35\%.$ 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.

Enter your response below.