Consider the following information for Turner Power Co.:

Debt:		4,500 6.5 percent coupon bonds outstanding, $1,000 par value, 18 years to maturity, selling for 103 percent of par; the bonds make semiannual payments.
Common stock:		99,000 shares outstanding, selling for $55 per share; the beta is 1.11.
Preferred stock:		14,500 shares of 6 percent preferred stock outstanding, currently selling for $104 per share.
Market:		8 percent market risk premium and 5 percent risk-free rate.

Assume the company's tax rate is 33 percent.

Find the WACC.