Prerna Corp. has a target capital structure of 42% long-term debt, 5% preferred stock, and the remainder funded by common stock. The yield on its 4% coupon bonds is 4.5%. The preferred stock is priced at $55 and pays $6.02 in dividends per share annually. The risk premium on the firm's common stock relative to its debt is 6%. The firm's tax rate is 35%. The firm's W.A.C.C. is ________%