P 13-15 (similar to) Question Help AllCity, Inc., is financed 45% with debt, 5% with preferred stock, and 50% with common stock. Its cost of debt is 5.6%, its preferred stock pays an annual dividend of $2.51 and is priced at $35. It has an equity beta of 1.1. Assume the risk-free rate is 2.4%, the market risk premium is 6.9% and AllCity's tax rate is 35%. What is its after-tax WACC? Note: Assume that the firm will always be able to utilize its full interest tax shield. The WACC is %. (Round to two decimal places.)