Here is some information about Stokenchurch Inc

Subject:BusinessPrice:2.87 Bought7

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Here is some information about Stokenchurch Inc.:

Beta of common stock = 2.1

Treasury bill rate = 4%

Market risk premium = 8.4%

Yield to maturity on long-term debt = 7%

Book value of equity = $530 million

Market value of equity = $1,060 million

Long-term debt outstanding = $1,060 million

Corporate tax rate = 35% 

What is the company's WACC? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)