You were hired as a consultant to Quigley Company, whose target capital structure is 35% debt, 10% preferred, and 55% common equity. The interest rate on new debt is 5.61 %, the yield on the preferred is 10.98 %, the cost of retained earnings is 14.52 %, and the tax rate is 36 %. The firm will not be issuing any new stock. What is Quigley's WACC? Your Answer: