Pfd Company has debt with a yield to maturity of

5.8%,

a cost of equity of

14.7%,

and a cost of preferred stock of

8.6%.

The market values of its debt, preferred stock, and equity are

$15.3

million,

$2.5

million, and

$13.7

million, respectively, and its tax rate is

25%.

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.)