You are given the following information for the Lightning Power Co. Assume the company's tax rate is 23 percent.

Debt: 8,000 5.7 percent coupon bonds outstanding, $1000 par value, 23 years to maturity, selling for 105 percent of par; the bonds make semiannual payments.

Common Stock: 410,000 shares outstanding selling for $59 per share; beta is 1.10

Preferred stock: 17,500 shares of 3.5 percent preferred stock outstanding, currently selling for $80 per share. The par value is $100 per share.

Market: 7 percent market risk premium and 4.5 percent risk-free rate.

What is the company's WACC?

WACC=________%