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

Debt: 8,000 bonds outstanding, selling for $1,060 and yield to maturity 7%

Common Stock: 310,000 shares outstanding, selling for $77 per share; the Beta is 1.15.

Preferred stock: 15,000 shares of preferred stock outstanding, currently selling for $60 per share. The preferred stock pays an annual fixed dividend of $4.

Market: 7 percent market risk premium and 4.5 percent risk-free rate.