Consider the following information for Evenflow Power Co.,

Debt:		3,000 6 percent coupon bonds outstanding, $1,000 par value, 23 years to maturity, selling for 103 percent of par; the bonds make semiannual payments.
Common stock:		72,000 shares outstanding, selling for $57 per share; the beta is 1.09.
Preferred stock:		9,500 shares of 5 percent preferred stock outstanding, currently selling for $105 per share.
Market:		7 percent market risk premium and 4.5 percent risk-free rate.

Assume the company's tax rate is 34 percent.

Required:

Find the WACC. (Do not round your intermediate calculations.)