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

Debt:

7,000 7.4 percent coupon bonds outstanding, $1,000 par value, 20 years to maturity, selling for 103 percent of par; the bonds make semiannual payments.

Common stock: 460,000 shares outstanding, selling for $64 per share; the beta is 1.07.

Preferred stock:

24,000 shares of 5 percent preferred stock outstanding, currently selling for $84 per share.

Market: 7 percent market risk premium and 5.4 percent risk-free rate.

What is the company's WACC?

Can the answer be found by using a formula and by using a financial calculator?