You are given the following information for Watson Power Co. Assume the company's tax rate is 40 percent. Debt: 5,000 6.6 percent coupon bonds outstanding, $1,000 par value, 20 years to maturity, selling for 109 percent of par; the bonds make semiannual payments. Common stock: 380,000 shares outstanding, selling for $56 per share; the beta is 1.12. Preferred stock: 16,000 shares of 3 percent preferred stock outstanding, currently selling for $76 per share. Market: 5 percent market risk premium and 4.6 percent risk-free rate. What is the company's WACC