Ivanhoe Co. has a capital structure, based on current market values, that consists of 25 percent debt, 15 percent preferred stock, and 60 percent common stock. If the returns required by investors are 8 percent, 12 percent, and 15 percent for the debt, preferred stock, and common stock, respectively, what is Ivanhoe's after-tax WACC? Assume that the firm's marginal tax rate is 40 percent. (Round final answer to 2 decimal places, e.g. 15.25%.) After tax WACC