Al City, Inc., is financed 39% with debt, 10% with preferred stock, and 51% with common stock. Its cost of debt is 6.4%, its preferred stock pays an annual dividend of $2.54 and is priced at $33. It has an equity beta of 1.16. Assume the risk-free rate is 2.4%, the market risk premium is 7.5% and All City's tax rate is 35%. What is its after-tax WACC? The WACC is (Round to two decimal places.)