Given the following information for Huntington Power CO., find the WACC. Assume the company's tax rate is 35 percent.

DEBT: 10,000 5.6 percent coupond bonds outstanding, $1,000 par value, 25 yeras to maturity, selling for 97 percent of par; the bonds make semiannual payments.

Common Stock: 425,000 shares outstanding selling for $61 per share; the beta is .95.

Market: 7 percent market risk permium and 3.8 percent risk free-rate.