Consider the following information for Evenflow Power Co.,

Debt: 4,000 8 percent coupon bonds outstanding, $1,000 par value, 23 years to maturity, selling for 102 percent of par; the bonds make semiannual payments.

Common stock: 88,000 shares outstanding, selling for $62 per share; the beta is 1.18.

Preferred stock: 13,000 shares of 7 percent preferred stock outstanding, currently selling for $104 per share.

Market: 9 percent market risk premium and 6.5 percent risk-free rate.

Assume the company's tax rate is 34 percent. Required: Find the WACC. (Do not round your intermediate calculations.)