Given the following information for Huntington Power Co., find the WACC. Assume the companys tax rate is 21 percent.

Debt: 20,000 5.1 percent coupon bonds outstanding, $2,000 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.