Consider a firm that has $40\%$ of debt, $12\%$ of preferred stock, and $48\%$ of equity. The rates of return for debt, preferred stock, and equity are $7\%,9\%,$ and $14\%,$ respectively. The corporate tax rate is $36\%.$ 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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$\%$