Problem $13-3$ Calculating WACC $($LO$3)$

Micro Spinoffs, Inc, issued $20-$year debt a year ago at par value with a coupon rate of $4\%,$ paid annually. Today, the debt is selling at $$1,070.$ The firm's tax bracket is $40\%.$

Micro Spinoffs also has preferred stock outstanding. The stock pays a dividend of $$6$ per share, and the stock sells for $$50.$

Micro Spinoffs's cost of equity is $14\%.$ What is its WACC if equity is $50\%,$ preferred stock is $20\%,$ and debt is $30\%$ of total capital? $($Do not round intermediate calculations. Round your answer to $2$ decimal places.$)$

WACC $\%$