(Topic: WACC) Here is some information about Stokenchurch Inc.: Beta of common stock = 0.3 Treasury bill rate = 0.25% Market risk premium = 4.37% Yield to maturity on long-term debt = 1.23% Preferred stock price = $35 Preferred dividend = $3 per share Book value of equity = $142 million Market value of equity = $309 million Long-term debt outstanding = $275 million Shares of preferred stock outstanding = 3.4 million Corporate tax rate = 21% What is the company's WACC? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)