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

Debt:	5,000 7.8 percent coupon bonds outstanding, $1,000 par value, 20 years to maturity, selling for 107 percent of par; the bonds make semiannual payments.
Common stock:	500,000 shares outstanding, selling for $68 per share; the beta is 1.11.
Preferred stock:	28,000 shares of 3 percent preferred stock outstanding, currently selling for $88 per share.
Market:	9 percent market risk premium and 5.8 percent risk-free rate.

What is the company's WACC?