Oxy Corporation uses debt, preferred stock, and common stock to raise capital. The firm's capital structure targets the following proportions: debt, 42%; preferred stock, 13%; and common stock, 45%. If the cost of debt is 6.7%, preferred stock costs 8.3%, and common stock costs 11.8%, what is Oxy's weighted average cost of capital (WACC)? Oxy's weighted average cost of capital (WACC) ? (Round to two decimal places.)