Here is some information about Stokenchurch Inc.:

Beta of common stock = 2.1

Treasury bill rate = 4%

Market risk premium = 7.4%

Yield to maturity on long-term debt = 9%

Book value of equity = $430 million

Market value of equity = $860 million

Long-term debt outstanding = $860 million

Corporate tax rate = 35%

What is the company's WACC? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)