Oxy Corporation uses debt, preferred stock, and common stock to raise capital. The firm's capital structure targets the following proportions: debt, 48%; preferred stock, 18%; and common stock, 34%. If the cost of debt is 5.1%, preferred stock costs 8.8%, and common stock costs 12.6%, what is Oxy's weighted average cost of capital (WACC) ? Oxy's weighted average cost of capital (WACC) is \%. (Round to two decimal places.)