Debt: Common stock: 5,000 8.5 percent coupon bonds outstanding, $1,000 par value, 18 years to maturity, selling for 103 percent of par; the bonds make semiannual payments. 110,000 shares outstanding, selling for $59 per share; the beta is 1.06. 14,500 shares of 8 percent preferred stock outstanding, currently selling for $104 per share. 10 percent market risk premium and 7 percent risk-free rate. Preferred stock: Market: Assume the company's tax rate is 31 percent. Required: Find the WACC. (Do not round your intermediate calculations.)