Problem $13-3$ Calculating WACC $($LO$3)$

Micro Spinoffs, Inc., issued $20-$year debt a year ago at par value with a coupon rate of $8\%,$ paid annually. Today, the debt is selling at $$1,100.$ The firm's tax bracket is $20\%.$

Micro Spinoffs also has preferred stock outstanding. The stock pays a dividend of $$3$ per share, and the stock sells for $$60.$

Micro Spinoffs's cost of equity is $7\%.$ What is its WACC if equity is $60\%,$ preferred stock is $20\%,$ and debt is $20\%$ of total capital? $($Do not round intermediate calculations. Round your answer to $2$ decimal places.$)$

WACC