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Consider the following information for Evenflow Power Co., Debt: 4,500 9 percent coupon bonds outstanding, $1,000 par value, 23 years to maturity, selling for 102

Consider the following information for Evenflow Power Co.,

Debt: 4,500 9 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: 94,500 shares outstanding, selling for $55 per share; the beta is 1.06.
Preferred stock: 14,500 shares of 8.5 percent preferred stock outstanding, currently selling for $104 per share.
Market: 10 percent market risk premium and 7.5 percent risk-free rate.

Assume the company's tax rate is 34 percent.

Required:

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

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