Pfd Company has debt with a yield to maturity of 5.6%, a cost of equity of 14.7%, and a cost of preferred stock of 8.9%. The market values of its debt, preferred stock, and equity are $14.5 million, $2.7 million, and $13.1 million, respectively, and its tax rate is 22%. 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.)