Here is some information about Stokenchurch Inc.:

Beta of common stock = 1.2

Treasury bill rate = 4%

Market risk premium = 6.5%

Yield to maturity on long-term debt = 7%

Book value of equity = $340 million

Market value of equity = $680 million

Long-term debt outstanding = $680 million

Corporate tax rate = 35%

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

WACC

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