Oxy Corporation uses debt, preferred stock, and common stock to raise capital. The firm's capital structure targets the following proportions: debt, 48%;

preferredstock, 13%; and common stock, 39%. If the cost of debt is 6.3%, preferred stock costs 9.4%,

and common stock costs 12.7%, what is Oxy's weighted average cost of capital (WACC)?

*Round to two decimal places