Finding the WACC. Given the following information for Janicek Power Co$.,$ find the WACC. Assume the company's tax rate is $35$ percent.

Debt: $8,5007\mathrm{.}2\%$ coupon bonds outstanding, $$1000$ par value, $25$ years to maturity selling for $118\%$ of par, semi$-$annual payments.

Common stock: $225,000$ shares outstanding, selling for $$87$ per share; beta is $1\mathrm{.}15.$ Just paid dividend of $$7\mathrm{.}60$ per share and an estimated dividend growth rate of $3\%.$

Preferred stock: $15,000$ shares preferred stock outstanding with the dividend $$4\mathrm{.}8,$ currently selling for $$98$ per share.

Market: $7\%$ market risk premium and $3\mathrm{.}1\%$ risk$-$free rate.