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

Debt:

10,000 7.1 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 1.04.

Preferred stock:

21,000 shares of 5 percent preferred stock outstanding, currently selling for $81 per share.

Market:

10 percent market risk premium and 5.1 percent risk-free rate.

What is the company's WACC?