Pfd Company has debt with a yield to maturity of 7.4%, a cost of equity of 12.5%, and a cost of preferred stock of 8.7%. The market values of its debt, preferred stock, and equity are $12.5 million, $3.4 million, and $13.1 million, respectively, and its tax rate is 40%. What is this firm's 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.)