Consider a firm that has $39\%$ of debt, $8\%$ of preferred stock, and $53\%$ of equity. The rates of return for debt, preferred stock, and equity are $3\%,8\%,$ and

$18\%,$ 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.