Here is some information about Stokenchurch Inc.: Beta of common stock = 1.7. Treasury bill rate = 4% Market risk premium = 7.0% Yield to maturity on long-term debt = 7% Book value of equity = $390 million Market value of equity = $780 million Long-term debt outstanding = $780 million Corporate tax rate = 21% What is the company's WACC? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.) WACC 8.99 %