Pfd Company has debt with a yield to maturity of 7.8 , a cost of equity of 15.1 , and a cost of preferred stock of 8.6. The market values of its debt, preferred stock, and equity are million, million, and million, respectively, and its tax rate is . 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.)