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Item 9

You are given the following information for Huntington Power Co. Assume the company's tax rate is 24 percent.

Debt:33,000 5.2 percent coupon bonds outstanding, $2,000 par value, 25 years to maturity, selling for 107 percent of par; the bonds make semiannual payments.

Common stock:485,000 shares outstanding, selling for $79 per share; the beta is 1.13.Market:7 percent market risk premium and 4.4 percent risk-free rate.

What is 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.)