The Saunders Investment Bank has the following financing outstanding.

Debt:50,000 bonds with a coupon rate of 7 percent and a current price quote of 110.0; the bonds have 20 years to maturity. 220,000 zero coupon bonds with a price quote of 18.0 and 30 years until maturity.

Preferred stock:140,000 shares of 5 percent preferred stock with a current price of $80, and a par value of $100.

Common stock:2,500,000 shares of common stock; the current price is $66, and the beta of the stock is 1.20.

Market:The corporate tax rate is 35 percent, the market risk premium is 6 percent, and the risk-free rate is 3 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.)

WACC %

PLEASE DO IN EXCEL

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