Debt: 5,500 5.5 percent coupon bonds outstanding, $1,000 par value, 19 years to maturity, selling for 103 percent of par; the bonds make semiannual payments. Common stock: 110,000 shares outstanding, selling for $64 per share; the beta is 1.17. Preferred stock: 17,000 shares of 4.5 percent preferred stock outstanding, currently selling for $105 per share. Market: 6.5 percent market risk premium and 4 percent risk-free rate. Assume the company's tax rate is 31 percent. Find the WACC.