You are given the following information for Watson Power Co. Assume the companys tax rate is 25 percent.

Debt:

15,000 6.4 percent coupon bonds outstanding, $1,000 par value, 28 years to maturity, selling for 106 percent of par; the bonds make semiannual payments.

Common stock: 480,000 shares outstanding, selling for $66 per share; the beta is 1.17.

Preferred stock:

21,000 shares of 4.2 percent preferred stock outstanding, currently selling for $87 per share. The par value is $100 per share.

Market: 5 percent market risk premium and 5.3 percent risk-free rate.

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