Given the follow information for Lightning Power Co, find the WACC. Assume the company's tax rate is 35%.

Debt: 8000 6.5% coupon bonds outstanding, $1000 par value, 25 yrs to maturity, selling for 106 percent of par; the bonds make semiannual payments.

Common stock: 310,000 shares outstanding, selling for $57 per share; the beta is 1.05.

Preferred stock: 15000 shares of 4% preferred stock outstanding, curently selling for $72 per share.

Market: 7% market risk premium and 4.5% risk free rate.