Given the following information for Columbia Power Co., find the WACC. Assume the companys tax rate is 35%.

Debt: 3000 8% coupon bonds outstanding, $1000 par value, ten years to maturity, selling for 101% of par; the bonds make semiannual interest payments

Common Stock: 50,000 shares outstanding selling for $62 per share; the beta is 1.10

Preferred Stock: 10,000 shares of 4% preferred stock outstanding, $100 par value, currently selling for $60 per share

Market: 5% market risk premium and 6% risk-free rate