You are given the following information for Watson Power Co. Assume the company's tax rate is 35 percent 9,000 7 percent coupon bonds outstanding, $1,000 par value, 20 years to maturity, selling for 106 percent of par, the bonds make semiannual payments. Debt: Common stock: 420,000 shares outstanding, selling for $60 per share; the beta is 1.03. Preferred stock: 20,000 shares of 4 percent preferred stock outstanding, currently selling for $80 per share. Market: 9 percent market risk premium and 5 percent risk-free rate. What is the company's WACC? (Do not round intermediate calculations. Enter your answer asa percent rounded to 2 decimal places, e.g., 32.16.) WACC