You are given the following information for Watson Power Co. Assume the companys tax rate is 35 percent.

Debt: 6,000 6.7 percent coupon bonds outstanding, $1,000 par value, 25 years to maturity, selling for 103 percent of par; the bonds make semiannual payments.

Common stock: 390,000 shares outstanding, selling for $57 per share; the beta is 1.13.

Preferred stock: 17,000 shares of 4 percent preferred stock outstanding, currently selling for $77 per share.

Market: 6 percent market risk premium and 4.7 percent risk-free rate.

What is the company's WACC?