(Topic: WACC) Here is some information about Stokenchurch Inc.: Beta of common stock = 0.4 Treasury bill rate = 2.00% Market risk premium = 7.90% Yield to maturity on long-term debt = 1.82% Preferred stock price = $49 Preferred dividend = $2 per share Book value of equity = $189 million Market value of equity = $535 million Long-term debt outstanding = $201 million Shares of preferred stock outstanding = 2.9 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.)