Oxy Corporation uses debt, preferred stock, and common stock to raise capital. The firm's capital structure targets the following proportions: debt, 60%; preferred stock, 16%; and common stock, 24%. If the cost of debt is 6.4%, preferred stock costs 7.7%, and common stock costs 10.8%, what is Oxy's weighted average cost of capital (WACC) ? Oxy's weighted average cost of capital (WACC) is \%. (Round to two decimal places.)