AllCity, Inc. is financed 45% with debt, 5% with preferred stock, and 50% with common stock. Its cost of debt is 6.4%, its preferred stock pays an annual dividend of $2.49 and is priced at $31. It has an equity bota of 1.16. Assume the risk-free rate is 2.2%, the market risk premium is 7.1% and AllCity's tax rate is 35%. What is its after-tax WACC? Note: Assume that the firm will always be able to utilize its full interest tax shield. The WACC is (% (Round to two decimal places.)