You are given the following information for Watson Power Co. Assume the company's tax rate is 21 percent.

Debt:11,000 6 percent coupon bonds outstanding, $1,000 par value, 26 years to maturity, selling for 108 percent of par; the bonds make semiannual payments.

Common stock:440,000 shares outstanding, selling for $62 per share; the beta is 1.13.

Preferred stock:19,000 shares of 3.8 percent preferred stock outstanding, currently selling for $83 per share. The par value is $100 per share.

Market:7 percent market risk premium and 4.8 percent risk-free rate.

What is the company's WACC?