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

Debt:	10,000 7.7 percent coupon bonds outstanding, $1,000 par value, 15 years to maturity, selling for 106 percent of par; the bonds make semiannual payments.
Common stock:	490,000 shares outstanding, selling for $67 per share; the beta is 1.10.
Preferred stock:	27,000 shares of 5 percent preferred stock outstanding, currently selling for $87 per share.
Market:	8 percent market risk premium and 5.7 percent risk-free rate.

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