Oxy Corporation uses debt, preferred stock, and common stock to raise capital. The firm's capital structure targets the following proportions: debt, 44%; preferred stock, 15%, and common stock, 41%. If the cost of debt is 6.5%, preferred stock costs 8.1%, and common stock costs 11.9%, what is Oxy's weighted average cost of capital (WACC)? Oxy's weighted average cost of capital (WACC) is %. (Round to two decimal places.)