Information on Commonwealth Power Co. is shown below.

Assume the companys tax rate is 32%. Debt: 4,500 7% coupon bonds outstanding, $1,000 par value, 15 years to maturity, selling for 96% of par; the bonds make semiannual payments. Common Stock: 112,500 shares outstanding, selling for $47 per share; the beta is 0.84. Market: 12.5% market risk premium and 6% risk-free rate What is Commonwealths WACC? (Report answer in percentage terms and round to 2 decimal places. Do not round intermediate calculations)