COST OF CAPITAL:

A company has three forms of financing: Bonds, Preferred Stock, and Common Stock. It weights the financing as 46 percent bonds, 6 percent preferred stock, and the remainder in common stock. If its after-tax cost of debt is 3.1 percent, its cost of preferred stock is 8.3 percent, and its cost of common stock is 11.1 percent, what is the firm's overall cost of capital?

Record your value as a percentage with no percent sign and one decimal (round to the nearest tenth of a percent)