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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, 11%;

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, 11%; and common stock, 47%. If the cost of debt is 5.5%, preferred stock costs 9.1%, and common stock costs 11.5%, what is Oxy's weighted average cost of capital (WACC)?

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