Information on Janicek Power Co., is shown below. Assume the companys tax rate is 34 percent.

Debt: 10,100 8.7 percent coupon bonds outstanding, $1,000 par value, 24 years to maturity, selling for 96.0 percent of par; the bonds make semiannual payments.

Common stock: 226,000 shares outstanding, selling for $84.6 per share; beta is 1.31.

Preferred stock: 13,600 shares of 5.80 percent preferred stock outstanding, currently selling for $96.4 per share.

Market: 7.05 percent market risk premium and 4.85 percent risk-free rate.

Calculate the WACC