The Saunders Investment Bank has the following financing outstanding.

Debt:	30,000 bonds with a coupon rate of 9 percent and a current price quote of 114; the bonds have 20 years to maturity. 200,000 zero coupon bonds with a price quote of 19 and 30 years until maturity. Assume semiannual compounding.
Preferred stock:	120,000 shares of 7 percent preferred stock with a current price of $82, and a par value of $100.
Common stock:	2,300,000 shares of common stock; the current price is $68, and the beta of the stock is 1.3.
Market:	The corporate tax rate is 25 percent, the market risk premium is 8 percent, and the risk-free rate is 5 percent.

What is the WACC for the company? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places (e.g., 32.16).)

WACC

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