Consider the following information for Watson Power Co.: 5 Debt: Common stock: 2,500 8 percent coupon bonds outstanding, $1,000 par value, 19 years to maturity, selling for 104 percent of par; the bonds have a YTM of 7.6% and make semiannual payments. 55,000 shares outstanding, selling for $59 per share; the beta is 1.13. 8,500 shares of 6.5 percent preferred stock outstanding, currently selling for $105 per share. 10 percent market risk premium and 6.5 percent risk-free rate. 1:31:31 Preferred stock: Market: Assume the company's tax rate is 32 percent. Find the WACC, show all your work including intermediary steps