You are given the following information for Watson Power Co. Assume the companys tax rate is 22 percent. Debt: 22,000 7.1 percent coupon bonds outstanding, $1,000 par value, 21 years to maturity, selling for 107 percent of par; the bonds make semiannual payments. Common stock: 550,000 shares outstanding, selling for $73 per share; the beta is 1.17. Preferred stock: 24,500 shares of 4.9 percent preferred stock outstanding, currently selling for $94 per share. The par value is $100 per share. Market: 6 percent market risk premium and 5.2 percent risk-free rate. What is the company's WACC?