Consider the following information for Evenflow Power Co., Debt: Common stock 5,000 7 percent coupon bonds outstanding, $1,000 par value, 20 years to maturity, selling for 102 percent of par; the bonds make semiannual payments. 110,000 shares outstanding, selling for $64 per share; the beta is 1.06. 17,000 shares of 6 percent preferred stock outstanding, currently selling for $105 per share. 8 percent market risk premium and 5 percent risk-free rate. Preferred stock Market: Assume the company's tax rate is 31 percent. Required: Find the WACC. (Do not round your intermediate calculations.)