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The IPO Investment Bank has the following financing outstanding. Debt: 1 2 0 , 0 0 0 bonds with a coupon rate of 8 percent

The IPO Investment Bank has the following financing outstanding.
Debt: 120,000 bonds with a coupon rate of 8 percent and a current price quote of 110; the bonds have 20 years to maturity. 290,000 zero coupon bonds with a price quote of 17.5 and 30 years until maturity. Both bonds have a par value of $1,000 and semiannual coupons.
Preferred stock: 210,000 shares of 6 percent preferred stock with a current price of $70, and a par value of $100.
Common stock: 3,200,000 shares of common stock; the current price is $56, and the beta of the stock is 1.05.
Market: The corporate tax rate is 21 percent, the market risk premium is 7 percent, and the risk-free rate is 4 percent.
What is the WACC for the company? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g.,32.16.)

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