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, 19%; and common stock, 37%. If the cost of debt is 7.2%, preferred stock costs 8.7%, 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.)