Consider the following information for Evenflow Power Co.,

Debt:		2,500 5.5 percent coupon bonds outstanding, $1,000 par value, 21 years to maturity, selling for 103 percent of par; the bonds make semiannual payments.
Common stock:		52,500 shares outstanding, selling for $65 per share; the beta is 1.14.
Preferred stock:		8,000 shares of 5 percent preferred stock outstanding, currently selling for $105 per share.
Market:		6.5 percent market risk premium and 5 percent risk-free rate.

Assume the company's tax rate is 34 percent.

Required:

Find the WACC.