Gold Alliance Company needs to raise $57 million to start a new project and will raise the money by selling new bonds. The company will generate no internal equity for the foreseeable future. The company has a target capital structure of 65% common stock, 5% preferred stock, and 30% debt. Flotation costs for issuing new common stock are 7%, for new preferred stock, 5 %, and for new debt, 2 %.

What is the companys weighted average floatation costs? (Report answer in percentage terms and round to 2 decimal places. Do not round intermediate calculations)