Using the information in the table, what is the firms WACC?

State your answer as a percentage to two decimal places (e.g., 5.30)

Target % in Capital Structure Debt 40% Preferred Stock 10% Equity 50% Tax Rate = 21% Outstanding Bond Preferred Stock Info Common Stock Info (Annual Coupons) Preferred Divided $3.00 Current Dividend $3.00 Time to Maturity (years) 10 Current Market Price $60.00 Current Price $50.00 Coupon Rate APR 5.00% Preferred Yield Expected 5.00% Growth in Dividends 2.16% Face Value $1,000 Expected Return on Equity 8.29% Current Market Price $1,240 YTM 2.29%