Consider the following information for Evenflow Power Co.,

Debt: 4,500 7 percent coupon bonds outstanding, $1,000 par value, 18 years to maturity, selling for 102 percent of par; the bonds make semiannual payments.

Common stock: 112,500 shares outstanding, selling for $63 per share; the beta is 1.14.

Preferred stock: 14,000 shares of 6 percent preferred stock outstanding, currently selling for $105 per share.

Market: 8.5 percent market risk premium and 5.5 percent risk-free rate.

Assume the company's tax rate is 33 percent.

Required: Find the WACC.