Oxy Corporation uses debt, preferred stock, and common stock to raise capital. The firm's capital structure targets the following proportions: debt, 51%, preferred stock, 13%, and common stock, 36%. If the cost of debt is 6.1%, preferred stock costs 9.4%, and common stock costs 10.3%, what is Oxy's weighted average cost of capital (WACC)? Oxy's weighted average cost of capital (WACC) is %. (Round to two decimal places.)