Given the following information for Columbia Power Co., find the WACC. Assume the company’s tax rate is 35 percent.

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Debt: Common stock: Preferred stock: Market: 4,000 8 percent coupon bonds outstanding, $1,000 par value, ten years to maturity, selling for 101 percent of par; the bonds make semiannual payments. 50,000 shares outstanding, selling for $62 per share; the beta is 1.10. 9,000 shares of 4 percent preferred stock outstanding, currently selling for $60 per share. 5 percent market risk premium and 6 percent risk-free rate.