Consider a firm that has $16 million in debt, $1 million in preferred stock, and $24 million in equity. The rate of return for debt, preferred stock, and equity is 4%, 5%, and 10%, respectively. The corporate tax rate is 39%. 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. Number%