Pfd Company has debt with a yield to maturity of

6.5%,

a cost of equity of

13.5%,

and a cost of preferred stock of

9.8%.

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

$13.8

million,

$2.7

million, and

$14.5

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.)