Suppose company XYZ has the following capital structure: 25% equity, 10% preferred stock, and 65% debt. Its marginal cost of equity is 12%, its marginal cost of preferred stock is 9%, and its before-tax cost of debt is 7%. If the marginal tax rate is 35%, what is the WACC of company XYZ? Answer up to 2 decimal places. Example X.XX%. Round the number appropriately