Oxy Corporation uses debt, preferred stock, and common stock to raise capital. The firm's capital structure targets the following proportions: debt,

55%;

preferred stock,

19%;

and common stock,

26%.

If the cost of debt is

5.6%,

preferred stock costs

7.9%,

and common stock costs

11.1%,

what is Oxy's weighted average cost of capital

(WACC)?