Jedi Enterprises stock trades for $35 per share. It is expected to pay a $2.1 dividend at year end, and the dividend is expected to grow at a constant rate of 3.6% a year. The before-tax cost of debt is 6.4%, and the tax rate is 31%. The target capital structure consists of 40% debt and 60% common equity. What is the company's WACC (in percent) if all the equity used is from reinvested earnings?