Highfield Stockyard has a target capital structure of 50 percent common stock, 10 percent preferred stock, and 40 percent debt. The company's cost of equity is 8 percent, the cost of preferred stock is 4 percent, and the pretax cost of debt is 5 percent. The relevant tax rate is 38 percent. a. Calculate the company's WACC? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) WACC