Debt:	9,400 7.2 percent coupon bonds outstanding, with 24 years to maturity and a quoted price of 108.25. These bonds pay interest semiannually and have a par value of $2,000.
Common stock:	325,000 shares of common stock selling for $66.50 per share. The stock has a beta of 1.10 and will pay a dividend of $4.70 next year. The dividend is expected to grow by 5.5 percent per year indefinitely.
Preferred stock:	10,000 shares of 4.75 percent preferred stock selling at $96.00 per share. The par value is $100 per share.
Market:	10.5 percent expected return, risk-free rate of 4.6 percent, and a 25 percent tax rate.

Calculate the company's WACC. (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)