You estimated a firm's cost of financing with debt to be 4%, its cost of financing with preferred stock to be 7%, and its cost of financing with common stock to be 11%. If the firm finances with $16,000,000 in debt, $4,000,000 in preferred stock and $21,000,000 in common stock, what is its weighted average cost of capital? _______% Assume no income taxes and show your answer in percentage terms to one decimal place accuracy.