Consider a firm that has $38\%$ of debt, $16\%$ of preferred stock, and $46\%$ of equity. The rates of return for debt, preferred stock, and equity are $4\%,11\%,$ and $17\%,$ 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 PLACES. Do not include the percentage sign in your answer.

Enter your response below.

$\%$