Oxy Corporation uses debt, preferred stock, and common stock to raise capital. The firm's capital structure targets the following proportions: debt, 46%; preferred stock, 17%; and common stock, 37%. If the cost of debt is 6.5%, preferred stock costs 9.5%, and common stock costs 12.3%, what is Oxy's weighted average cost of capital (WACC)?

Oxy's weighted average cost of capital (WACC) is %. (Round to two decimal places.)