You are given the following information for Watson Power Co. Assume the company's tax rate is 21 percent. Debt: 15,000 bonds with a 5.8 percent coupon outstanding, $1,000 par value, 25 years to maturity, selling for 108 percent of par; the bonds make semiannual payments. Common stock: 575,000 shares outstanding, selling for $64 per share; the beta is 1.09. Preferred stock: 35,000 shares of 2.8 percent preferred stock outstanding, currently selling for $65 per share. The par value is $100 Market 7 percent market risk premium and 3.2 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.) WACC