Pfd Company has debt with a yield to maturity of 7.5%, a cost of equity of 13.5%, and a cost of preferred stock of 10.4%. The market values of its debt, preferred stock, and equity are $13.2 million, $3.4 million, and $16.6 million, respectively, and its tax rate is 38%. What is this firm's after-tax WACC?

Pfd's WACC is _____%. (Round to two decimal places.)