Consider the following information for Watson Power Co.: Debt Common stock: 5,000 6.5 percent coupon bonds outstanding. $1,000 par value, 17 years to maturity, selling for 103 percent of par, the bonds make semiannual payments. 120,000 shares outstanding, selling for $60 per share the beta Is 11 18,000 shares of 5 percent preferred stock outstanding, currently selling for $104 per share. 8 percent market risk premium and 5 percent risk-free rate. Preferred stock: Market Assume the company's tax rate is 34 percent. Find the WACC