Given the following information for Columbia Power Co., find its WACC. Assume the companys tax rate is 15%.

• Common Stock: 4,000 shares outstanding, selling for $159/share; beta is 0.7

• Debt: 9,000 6.5% coupon bonds outstanding, $1000 par value, 15 years to maturity, selling at 93.7% of par and making semiannual payments.

• Preferred Stock: 5,000 shares of preferred stock outstanding paying $6 dividends, currently selling for $62/share

• Other: The risk-free rate is 6% and the market return is 9%

• The analyst assumes no flotation cost.

WACC is ____ percent. Keep the percent result with 2 decimals.