Walker Corp. has a target capital structure of 27% long-term debt, 7% preferred stock, and the remainder funded by common stock. The yield on its 4% coupon bonds is 2.7%. The preferred stock is priced at $55 and pays $6.44 in dividends per share annually. The risk premium on the firm's common stock relative to its debt is 6%. The marginal tax rate is 34%. The firm's W.A.C.C. is %. Do not round intermediate work, but round your *final* answer to 2 decimal places (example: if your answer is 12.34567%, you should enter 12.35).