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 coupon bonds outstanding, $1,000 par value, 25 years 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 premium and 3.8 percent risk-free rate.