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 8,000 5.7 percent coupon bonds outstanding, $1,000 par value, 23 years to maturity, selling for 105 percent of par; the bonds make semiannual payments. 410,000 shares outstanding, selling for $59 per share; the beta is 1.10. 17,500 shares of 3.5 percent preferred stock outstanding, a $100 par value, currently selling for $80 per share. 7 percent market risk premium and 4.5 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 %