Use the information for the question(s) below. Flagstaff Enterprises expected to have free cash flow in the coming year of $8 million, and this free cash flow is expected to grow at a rate of 3% per year thereafter. Flagstaff has an equity cost of capital of 11%, a debt cost of capital of 7%, and it has a 35% corporate tax rate. If Flagstaff maintains a 0.4 debt to equity ratio, then Flagstaff's pre-tax WACC is closest to (\%) (2 decimal places)