You are given the following information for Lightning Power Co. Assume the company's tax rate is 22 percent.

Debt:12,000 6.1 percent coupon bonds outstanding, $1,000 par value, 27 years to maturity, selling for 109 percent of par; the bonds make semiannual payments.

Common stock:450,000 shares outstanding, selling for $63 per share; beta is 1.14.Preferred stock:19,500 shares of 3.9 percent preferred stock outstanding, currently selling for $84 per share. The par value is $100 per share.

Market:5 percent market risk premium and 4.9 percent risk-free rate.

What is the company's WACC?(