Consider the following information for Watson Power Co: Debt 5,500 9 percent coupon bonds outstanding, $1,000 par value, 22 years to maturity, selling for 102 percent of par; the bonds make semiannual payments. 132,000 shares outstanding, selling for $56 per share; the beta is 1.12 18,500 shares of 8.5 percent preferred stock outstanding. currently selling for $103 per share 10 percent market risk premium and 8 percent risk-free rate. Common stock: Preferred stock: Market: Assume the company's tax rate is 34 percent. Find the WACC