The Nolan Corporation finds it is necessary to determine its marginal cost of capital. Nolan's current capital structure calls for $35$ percent debt, $10$ percent preferred stock, and $55$ percent common equity. Initially, common equity will be in the form of retained earnings $(K_e)$ and then new common stock $(K_n).$ The costs of the various sources of financing are as follows: debt $($after$-$tax$),5\mathrm{.}6$ percent; preferred stock, $11$ percent; retained earnings, $8$ percent; and new common stock, $9\mathrm{.}2$ percent.

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

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

$\backslash$table$[[,$Weighted Cost$],[$Debt$,,\%$