You are given the following information for Watson Power Co. Assume the companys tax rate is 40 percent.

Debt: 8,000 7.5 percent coupon bonds outstanding, $1,000 par value, 25 years to maturity, selling for 104 percent of par; the bonds make semiannual payments.

Common stock: 470,000 shares outstanding, selling for $65 per share; the beta is 1.08.

Preferred stock: 25,000 shares of 3 percent preferred stock outstanding, currently selling for $85 per share.

Market: 8 percent market risk premium and 5.5 percent risk-free rate.

What is the company's WACC? Please show work. (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)