Here is some information about Stokenchurch Inc.:

Beta of common stock = 1.6

Treasury bill rate = 4%

Market risk premium = 6.9%

Yield to maturity on long-term debt = 8%

Book value of equity = $380 million

Market value of equity = $760 million

Long-term debt outstanding = $760 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.)