(Topic: WACC) Here is some information about Stokenchurch Inc.: Beta of common stock = 1.8 Treasury bill rate = 3.33% Market risk premium = 9.92% Yield to maturity on long-term debt = 4.40% Preferred stock price = $49 Preferred dividend = $4 per share Book value of equity = $138 million Market value of equity = $450 million Long-term debt outstanding = $208 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.)