Information on Lightning Power, Co., is shown below. Assume the companys tax rate is 21 percent.

Debt: 16,000 6.2 percent coupon bonds outstanding, $1,000 par value, 25 years to maturity, selling for 108 percent of par; the bonds make semiannual payments.

Common stock: 535,000 shares outstanding, selling for $81 per share; beta is 1.20.

Preferred stock: 20,000 shares of 4.2 percent preferred stock outstanding, currently selling for $92 per share. The par value is $100.

Market: 7 percent market risk premium and 3.1 percent risk-free rate.

Calculate the company's WACC.