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

Debt:	5,000 6.6 percent coupon bonds outstanding, $1,000 par value, 20 years to maturity, selling for 109 percent of par; the bonds make semiannual payments.
Common stock:	380,000 shares outstanding, selling for $56 per share; the beta is 1.12.
Preferred stock:	16,000 shares of 3 percent preferred stock outstanding, currently selling for $76 per share.
Market:	5 percent market risk premium and 4.6 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.)