Information on Gerken Power Co., is shown below. Assume the company's tax rate is 38 percent.

Debt: 10,300 8.9 percent coupon bonds outstanding, $1,000 par value, 22 years to maturity, selling for 95 percent of par; the bonds make semiannual payments.

Common stock: 228,000 shares outstanding, selling for $84.80 per share; beta is 1.33. Preferred stock: 13,800 shares of 5.9 percent preferred stock outstanding, currently selling for $96.20 per share.

Market: 7.15 percent market risk premium and 4.95 percent risk-free rate.

Required:

Calculate the company's WACC. (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)

WACC: