Debt:	6,000 8 percent coupon bonds outstanding, $1,000 par value, 21 years to maturity, selling for 104 percent of par; the bonds make semiannual payments.
Common stock:	126,000 shares outstanding, selling for $64 per share; the beta is 1.06.
Preferred stock:	19,500 shares of 7 percent preferred stock outstanding, currently selling for $107 per share.
Market:	8.5 percent market risk premium and 7 percent risk-free rate.

Assume the company's tax rate is 32 percent.

Find the WACC.