The McGee Corporation finds it is necessary to determine its marginal cost of capital. McGee's current capital structure calls for $50$ percent debt, $20$ percent preferred stock, and $30$ percent common equity. Initially, common equity will be in the form of retained earnings $(K_c)$ and then new common stock $(K_n).$ The costs of the various sources of financing are as follows: debt $($after$-$tax$),6\mathrm{.}0$ percent, preferred stock, $8\mathrm{.}0$ percent; retained earnings, $9\mathrm{.}0$ percent; and new common stock, $10\mathrm{.}2$ percent.

a$.$ What is the initial weighted average cost of capital? $($Include debt, preferred stock, and common equity in the form of retained earnings, $K_e$ J

Note: Do not round intermediate calculations. Input your answers as a percent rounded to $2$ decimal places.

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