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, 20%, and common stock, 23%. If the cost of debt is 7.4%, preferred stock costs 9.6%, and common stock costs 12.6%, what is Oxy's weighted average cost of capital (WACC)? Oxy's weighted average cost of capital (WACC) is \%. (Round to two decimal places.)