You are given the following information for Lighting Power Company. Assume the company's tax rate is 22 percent. Debt: 7,0005.6 percent coupon bonds outstanding, $1,000 par value, 22 years to maturity, selling for 104 percent of par; the bonds make semiannual payments. Common 400,000 shares outstanding, selling for $58 per share; the beta is 1.09 . stock: Preferred 17,000 shares of 3.4 percent preferred stock outstanding, a $100 par stock: value, currently selling for $79 per share. Market: 6 percent market risk premium and 4.4 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.)