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

Debt:		8,800 8.1 percent coupon bonds outstanding, $1,000 par value, 22 years to maturity, selling for 103.5 percent of par; the bonds make semiannual payments.
Common stock:		213,000 shares outstanding, selling for $83.30 per share; beta is 1.18.
Preferred stock:		12,300 shares of 5.9 percent preferred stock outstanding, currently selling for $97.70 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