You were hired as a consultant to ABC Inc., whose target capital structure is 35% debt, 10% preferred, and 55% common equity. The interest rate on new debt is 6.50%, the yield on the preferred is 6.00%, the cost of retained earnings is 9.25%, and the tax rate is 40%. The firm will not be issuing any new stock. What is the firm's WACC?

Answer just the number without the % sign. Round to two decimal places.