ou are given the following information for Lighting Power Company. Assume the companys tax rate is 24 percent.

Debt:	9,000 5.8 percent coupon bonds outstanding, $1,000 par value, 24 years to maturity, selling for 106 percent of par; the bonds make semiannual payments.
Common stock:	420,000 shares outstanding, selling for $60 per share; the beta is 1.11.
Preferred stock:	18,000 shares of 3.6 percent preferred stock outstanding, a $100 par value, currently selling for $81 per share.
Market:	5 percent market risk premium and 4.6 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.)