Given the following for Huntington Power Co., find the WACC. Assume the company's tax rate is 21 percent.

Debt: 20,000 5.1 percent coupon bonds outstanding, $2000 par value, 20 years to maturity, selling for 105 percent of par, the bonds make semiannual payments.

Common stock: 900,000 shares outstanding selling for $77 per share; the beta is 95.

Market: 7 percent market risk premium and 3.5 percent risk-free rate.