Reactive Industries has the following capital structure. Its corporate tax rate is 35%. Security Market Value Required Rate of Return Debt $20 million 6% Preferred stock 30 million 8 Common stock 50 million 12 What is its WACC? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)

Security	Market Value	Required Rate of Return
Debt	$20 million	6%
Preferred stock	30 million	8
Common stock	50 million	12