You were hired as a consultant to Quigley Company, whose target capital structure is 40% debt, 10% preferred, and 50% common equity.The interest rate on new debt is 6.50%, the yield on the preferred is 7.50%, the cost of retained earnings is 12.50%, and the tax rate is 34%.The firm will not be issuing any new stock.What is Quigley's WACC?Enter your answer rounded to two decimal places.Do not enter % in the answer box.For example, if your answer is 0.12345 or 12.345% then enter as 12.35 in the answer box.