Pfd Company has debt with a yield to maturity of

7.6%,

a cost of equity of

15.4%,

and a cost of preferred stock of

10.1%.

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

$13.5

million,

$3.2

million, and

$13.9

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.)