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

Debt: 10,000 5.9 percent coupon bonds outstanding, $1,000 par value, 25 years to maturity, selling for 107 percent of par; the bonds make semiannual payments.

Common stock: 430,000 shares outstanding, selling for $61 per share; the beta is 1.12.

Preferred stock: 18,500 shares of 3.7 percent preferred stock outstanding, currently selling for $82 per share. The par value is $100 per share.

Market: 6 percent market risk premium and 4.7 percent risk-free rate.

What is the company's WACC?