Cullumber Co. has a capital structure, based on current market values, that consists of 40 percent debt, 19 percent preferred stock, and 41 percent common stock. If the returns required by investors are 9 percent, 11 percent, and 15 percent for the debt, preferred stock, and common stock, respectively, what is Cullumbers after-tax WACC? Assume that the firms marginal tax rate is 40 percent. (Round final answer to 2 decimal places, e.g. 15.25%.)

After tax WACC_____%