Given the following information for Evenflow Power Co., the WACC ? is percent.

Assume the company's tax rate is 32 percent. (Do not include the percent sign (%). Round your answer to 2 decimal places. (e.g., 32.16))

Debt: 4,000 6.5 percent coupon bonds outstanding, $1,000 par value, 18 years to maturity, selling for 104 percent of par; the bonds make semiannual payments.

Common stock: 100,000 shares outstanding, selling for $65 per share; the beta is 1.11. Preferred stock: 14,000 shares of 5.5 percent preferred stock outstanding, currently selling for $106 per share.

Market: 8 percent market risk premium and 5 percent risk-free rate.