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, 14%, and common stock, 44%. If the cost of debt is 7.1%, preferred stock costs 9.7%, and common stock costs 12.8%, what is Oxy's weighted average cost of capital (WACC)? Oxy's weighted average cost of capital (WACC) is % (Round to two decimal places.)