You are given the following information for Lighting Power Company. Assume the company's tax rate is 23 percent. Debt: Common stock: Preferred stock: Market: 18,000 6.7 percent coupon bonds outstanding, $1,000 par value, 25 years to maturity, selling for 108 percent of par; the bonds make semiannual payments. 510,000 shares outstanding, selling for $69 per share; the beta is 1.20. 22,500 shares of 4.5 percent preferred stock outstanding, a $100 par value, currently selling for $90 per share. 5 percent market risk premium and 5.6 percent risk-free rate. What is the company's WACC? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) WACC 8.90 %