Pfd Company has a debt with a yield to maturity of 7.6%, a cost of equity of 14.1%, and a cost of preferred stock of 10.1%.

The market values of its debt, preferred stock, and equity are $12.5 million, $2.5 million, and $13.7 million, respectively, and its tax rate is 38%. What is this firm's after-tax WACC?

Question content area bottom

Part 1

Pfd's WACC enters your response here%. (Round to two decimal places.)