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The Saunders Investment Bank has the following financing outstanding.

Debt:	45,000 bonds with a coupon rate of 5 percent and a current price quote of 105.1; the bonds have 14 years to maturity and a par value of $1,000. 15,900 zero coupon bonds with a price quote of 24.3, 29 years until maturity, and a par value of $10,000. Both bonds have semiannual compounding.
Preferred stock:	140,000 shares of 3.5 percent preferred stock with a current price of $88 and a par value of $100.
Common stock:	2,000,000 shares of common stock; the current price is $77 and the beta of the stock is 1.05.
Market:	The corporate tax rate is 25 percent, the market risk premium is 7 percent, and the risk-free rate is 3.5 percent.

What is the WACC for the company? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)