You are given the following information related to Orange Co. Calculate the WACC for Orange.

• Debt: 17,323 6.3% coupon bonds outstanding, quoted at 99.5, with 25 years to maturity. These bonds pay interest semiannually.
• Common Stock: 250,000 shares of common stock selling for $58.03 per share. The stock has a beta of 1.34.
• Preferred Stock: 50,000 shares of preferred stock with a dividend of $6.8 per share. It is currently selling at $103.87 per share.
• Market: The market premium is 8.5%, and the risk-free rate of return is 2.5%.
• tax bracket = 35%

Orange's WACC =________% Round your answer to two decimal places in percentage