FINANCIAL POLICY

You are given the following information for Huntington Power Co. Assume the companys tax rate is 35 percent.

Debt:	6,000 7.3 percent coupon bonds outstanding, $1,000 par value, 15 years to maturity, selling for 109 percent of par; the bonds make semiannual payments.
Common stock:	450,000 shares outstanding, selling for $63 per share; the beta is 1.06.
Market:	12 percent market risk premium and 5.3 percent risk-free rate.

What is 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.)