Here is some information about Stokenchurch Inc.:
Beta of common stock = 1.7
Treasury bill rate = 4%
Market risk premium = 8.0%
Yield to maturity on long-term debt = 9%
Book value of equity = $490 million
Market value of equity = $980 million
Long-term debt outstanding = $980 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.)
WACC %