You were hired as a consultant to Snafu Company, whose target capital structure is 25% debt, 15% preferred, and 60% common equity. The interest rate on new debt is 5.25%, the yield on the preferred is 6.00%, the cost of retained earnings is 8.10%, and the tax rate is 25%. The firm will not be issuing any new stock. What is Snafu's WACC? Round final answer to two decimal places.

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