Here is some information about Stokenchurch Inc.:

Beta of common stock = 1.8 Treasury bill rate = 4% Market risk premium = 8.1% Yield to maturity on long-term debt = 10% Book value of equity = $500 million Market value of equity = $1,000 million Long-term debt outstanding = $1,000 million Corporate tax rate = 21%

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