Emmons Corp. has a target capital structure of 60 percent common stock, 10 percent preferred stock, and 30 percent debt. Its cost of equity is 8 percent, the cost of preferred stock is 5 percent, and the pretax cost of debt is 7 percent. The relevant tax rate is 15 percent. What is the firm's WACC? Sample answer format: 2 decimals (unless integer) with NO %. 1.23% will be presented as 1.23 and 2.00% (integer) presented as 2.