The simplified balance sheet for Rensselaer Felt (in thousands) is as follows Cash and marketable securities Accounts receivable Inventory Current assets Property, plant, and equipment 2,500 Short-term debt 121,000 Accounts payable 6.000 Current liabilities $76,600 63.000 $139,600 209,600 46,000 247,300 $642,500 305,000 Long-term debt Deferred taxes 88, $642,500 000 Shareholders' equity Other assets Total Total The debt has just been refinanced at an interest rate of 3.50% (short term) and 5.50% (long term) The expected rate of return on the company's shares is 12.50%. There are 7.56 million shares outstanding, and the shares are trading at $56. The tax rate is 34% Calculate this company's weighed-average cost of capital. (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.) WACC