Consider a firm that has 12 million in debt, $1 million in preferred stock, and $21 million in equity. The rate of return for debt, preferred stock, and equity is 4%, 8%, and 11%, respectively. The corporate tax rate is 32%. What is the weighted average cost of capital? Enter your answer as a percentage and rounded to 2 DECIMAL PLACI Do not include the percentage sign in your answer. Enter your response below Number