You are given the following information for Watson Power Co. Assume the companys tax rate is 38 percent.

Debt:

7,000 6.8 percent coupon bonds outstanding, $1,000 par value, 30 years to maturity, selling for 104 percent of par; the bonds make semiannual payments.

Common stock: 400,000 shares outstanding, selling for $58 per share; the beta is 1.14.

Preferred stock:

18,000 shares of 5 percent preferred stock outstanding, currently selling for $78 per share.

Market: 7 percent market risk premium and 4.8 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.)

WACC

%