Debt: 5,500 7.5 percent coupon bonds outstanding, $1,000 par value, 19 years to maturity, selling for 104 percent of par; the bonds make semiannual payments.

Common stock: 132,000 shares outstanding, selling for $59 per share; the beta is 1.07.

Preferred stock: 18,500 shares of 6.5 percent preferred stock outstanding, currently selling for $106 per share.

Market: 8.5 percent market risk premium and 6 percent risk-free rate.

Assume the company's tax rate is 32 percent.

Find the WACC