You are given the following information for Magrath Power Co. Assume the companys tax rate is 35%.

Debt: 10,000 6.4% coupon bonds outstanding, $1,000 par value, 25 years to maturity, selling for 108% of par; the bonds make semiannual payments.

Common stock: 495,000 shares outstanding, selling for $63 per share; the beta is 1.15.

Preferred stock: 35,000 shares of 3.5% preferred stock outstanding, currently selling for $72 per share.

Market: 7% market risk premium and 3.2% risk-free rate.

What is the company's WACC? Provide your detailed working.