Pfd Company has debt with a coupon rate of 6% and a yield to maturity of 8%, and a cost of equity of 14%. The market values of its debt and equity are $13 million and $16 million, respectively, and its tax rate is 40%. What is this firm's after-tax WACC? Note: Assume that the firm will always be able to utilize its full interest tax shield. Pfd's WACC is \%. (Round to two decimal places.)