Pfd Company has debt with a yield to maturity of 7.0%, a cost of equity of 13.0%, and a cost of preferred stock of 9.0%. The market values of its debt, preferred stock, and equity are $10.0 million, $3.0 million, and $15.0 million, respectively, and its tax rate is 25%. 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.)