The stock of the FI Company has a beta of 1.66. The expected market risk premium is 10.17%, and Treasury bills are yielding 1.53% (the risk-free rate). The most recent price for FI common stock is $55.79 per share, and there are 3,182,000 shares outstanding. The company has also issued preferred stock paying 3.6% dividends (on $100 face value), and the most recent price for FI preferred stock is $42.02, and there are 21,000 shares outstanding. FI also has 1,250 bonds outstanding, with a face value of $1,000 and a market price of 105% of face value. The yield to maturity on these bonds is 5.581875%. The company's tax rate is 35%.

Calculate the company's weighted average cost of capital (WACC). Use the CAPM to calculate the cost of equity, and be sure you understand what the expected market risk premium of 10.17% means. Give your final WACC answer in percent, rounded to 2 decimal places (but round to at least 4 significant decimal places in intermediate calculations; 4 significant decimal places means 4 nonzero decimal places after the decimal point).