Oxy Corporation uses debt, preferred stock, and common stock to raise capital. The firm's capital structure targets the following proportions: debt, 57%; preferred stock, 18%; and common stock, 25%. If the cost of debt is 7.4%, preferred stock costs 8.3%, and common stock costs 11.3%, what is Oxy's weighted average cost of capital (WACC)? Oxy's weighted average cost of capital (WACC) is (%. (Round to two decimal places.)