Save & Exit 36 You are given the following information for Magrath Power Co. Assume the company's tax rate is 35%. Debt: 12.000 5% coupon bonds outstanding, $1,000 par value, 25 years to maturity, selling for 98% of par, the bonds make semiannual payments. Common stock: 525,000 shares outstanding, selling for $58 per share; the beta is 0.98 Preferred stock: 35,000 shares of 3.5% preferred stock outstanding, currently selling for $69 per share. Market 8% market risk premium and 3.5% risk-free rate. Use the approximate formula to calculate the cost of debt (do not use financial calculator to calculate the cost of debt). What is the company's WACC? (Do not round intermediate calculations. Enter your answer as a percentage rounded to 2 decimal places.) Doints (8 02:34:40 Numeric Response