Information on Gerken Power Co., is shown below. Assume the company’s tax rate is 30 percent.

Debt:		10,200 8.8 percent coupon bonds outstanding, $1,000 par value, 23 years to maturity, selling for 95.5 percent of par; the bonds make semiannual payments.
Common stock:		227,000 shares outstanding, selling for $84.70 per share; beta is 1.32.
Preferred stock:		13,700 shares of 5.85 percent preferred stock outstanding, currently selling for $96.30 per share.
Market:		7.1 percent market risk premium and 4.9 percent risk-free rate.

Required:
Calculate the company's WACC.