Information on Janicek Power Co., is shown below. Assume the companys tax rate is 40 percent.

Debt: 10,400 9.0 percent coupon bonds outstanding, $1,000 par value, 21 years to maturity, selling for 94.5 percent of par; the bonds make semiannual payments.

Common stock: 229,000 shares outstanding, selling for $84.9 per share; beta is 1.34.

Preferred stock: 13,900 shares of 5.95 percent preferred stock outstanding, currently selling for $96.1 per share.

Market: 7.20 percent market risk premium and 5.00 percent risk-free rate.

Required: Calculate the WACC ( Do not include percent sign) (Round answer to 2 decimal places)