Consider the following information for Evenflow Power Co.,

Debt: 5,500 6 percent coupon bonds outstanding, $1,000 par value, 21 years to maturity, selling for 104 percent of par; the bonds make semiannual payments.

Common stock: 121,000 shares outstanding, selling for $60 per share; the beta is 1.14.

Preferred stock: 16,500 shares of 5 percent preferred stock outstanding, currently selling for $107 per share.

Market: 8 percent market risk premium and 4 percent risk-free rate. Assume the company's tax rate is 34 percent.

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