Consider a firm that has $$19$ million in debt, $$3$ million in preferred stock, and $$28$ million in equity. The rate of return for debt, preferred stock, and equity is $4\%,1\%,$ and $11\%,$ respectively. The corporate tax rate is $37\%.$ 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.

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