Oxy Corporation uses debt, preferred stock, and common stock to raise capital. The firm's capital structure targets the following proportions: debt, 44%; preferred stock, 16%; and common stock, 40%. If the cost of debt is 5.3%, preferred stock costs 9.4%, and common stock costs 11.2%, what is Oxy's weighted average cost of capital (WACC)? Oxy's weighted average cost of capital (WACC) is %. (Round to two decimal places.)

Oxy Corporation uses debt, preferred stock, and common stock to raise capital. The firm's capital structure targets the following proportions: debt, 44%; preferred stock, 16%; and common stock, 40%. If the cost of debt is 5.3%, preforred stock costs 9.4%, and common stock costs 11.2%, what is Oxy's weighted average cost of capital (WACC)? Oxy's weighted average cost of capital (WACC) is \%. (Round to two decimal places.)