You are given the following information for Lightning Power Co. Assume the company's tax rate is 21 percent.

Debt: 11,000 6 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; beta is 1.13.

Preferred stock: 19,000 shares of 3.8 percent preferred stock outstanding, currently selling for $83 per share. The par value is $100 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.)