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 6.8%, preferred stock costs 8.4%, and common stock costs 12.4%, what is Oxy's weighted average cost of capital (WACC)? Oxy's weighted average cost of capital (WACC) is % (Round to two decimal places.)