Highfield Stockyard has a target capital structure of 60 percent common stock, 15 percent preferred stock, and 25 percent debt. The company's cost of equity is 11 percent, the cost of preferred stock is 6 percent, and the pretax cost of debt is 8 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