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Shi Import - Export's balance sheet shows $ 3 0 0 million in debt, $ 5 0 million in preferred stock, and $ 2 5

Shi Import-Export's balance sheet shows $300 million in debt, $50 million in preferred stock, and $250 million in total common equity. Shi's tax rate is 40%, rd =6%, rps =8.1%, and rs =14%. If Shi has a target capital structure of 30% debt, 5% preferred stock, and 65% common stock, what is its WACC? Round your answer to two decimal places.

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