The Saunders Investment Bank has the following financing outstanding.

Debt: 50,000 bonds with a coupon rate of 4.6 percent and a current price quote of 106.1; the bonds have 12 years to maturity and a par value of $1,000. 16,900 zero coupon bonds with a price quote of 26.8, 28 years until maturity, and a par value of $10,000. Both bonds have semiannual compounding.

Preferred stock: 145,000 shares of 3.9 percent preferred stock with a current price of $92 and a par value of $100. Common stock: 2,100,000 shares of common stock; the current price is $82 and the beta of the stock is 1.10.

Market: The corporate tax rate is 25 percent, the market risk premium is 6.6 percent, and the risk-free rate is 3.5 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.)