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You are given the following information for Lighting Power Company. Assume the companys tax rate is 2 1 percent. Debt: 1 1 , 0 0

You are given the following information for Lighting Power Company. Assume the companys tax rate is 21 percent. Debt:11,0006 percent coupon bonds outstanding, $1,000 par value, 26 years to maturity, selling for 108 percent of par; the bonds make semiannual payments. Common stock:440,000 shares outstanding, selling for $62 per share; the beta is 1.13. Preferred stock:19,000 shares of 3.8 percent preferred stock outstanding, a $100 par value, currently selling for $83 per share. Market:7 percent market risk premium and 4.8 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.)

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