You were hired as a consultant to Alibaba, whose target capital structure is 25% debt, 20% preferred, and 55% common equity. The interest rate on new debt is 8%, the yield on the preferred is 9%, the cost of retained earnings is 11%, and the tax rate is 20%. The firm will not be issuing any new stock. What is Alibaba's WACC? (submit your answer in percentages, NOT in decimals)