You are given the following information for Watson Power Co. Assume the company's tax rate is 25 percent.

Debt: 25,000 7.4 percent coupon bonds outstanding, $1,000 par value, 21 years to maturity, selling for 106 percent of par; the bonds make semiannual payments.

Common stock: 580,000 shares outstanding, selling for $76 per share; the beta is 1.15. Preferred stock: 26,000 shares of 5.2 percent preferred stock outstanding, currently selling for $97 per share. The par value is $100 per share.

Market: 6 percent market risk premium and 4.8 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.)