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, 10%; and common stock, 48%. If the cost of debt is 6.8%, preferred stock costs 8.6%, and common stock costs 10.3%, what is Oxy's weighted average cost c capital (WACC)? Oxy's weighted average cost of capital (WACC) is %. (Round to two decimal places.)