WACC

Shi Import$-$Export's balance sheet shows $$300$ million in debt, $$50$ million in preferred stock, and $$250$ million in total common equity. Shi's tax rate is $30\%,$ rd $=7\%,r_{ps}=8\mathrm{.}4\%,$ and $r_s=12\%.$ If Shi has a target capital structure of $30\%$ debt, $5\%$ preferred stock, and $65\%$ common stock, what is its wACC? Round your answer to two decimal places.

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