You are given the following information for Lighting Power Company. Assume the company's tax rate is 22 percent. \begin{tabular}{|c|c|} \hline Debt: & \begin{tabular}{l} 12,0006.1 percent coupon bonds outstanding, $1,000 par value, 27 \\ years to maturity, selling for 109 percent of par; the bonds make \\ semiannual payments. \end{tabular} \\ \hline \begin{tabular}{l} Common \\ stock: \end{tabular} & 450,000 shares outstanding, selling for $63 per share; the beta is 1.14 . \\ \hline \begin{tabular}{l} Preferred \\ stock: \end{tabular} & \begin{tabular}{l} 19,500 shares of 3.9 percent preferred stock outstanding, a $100 par \\ value, currently selling for $84 per share. \end{tabular} \\ \hline Market: & t market risk premium and 4.9 percent risk-free rate. \\ \hline \end{tabular} 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.)