You are given the following information for Watson Power Co. Assume the company's tax rate is 40 percent. Debt: 7,000 7.4 percent coupon bonds outstanding, $1,000 par value, 20 years to maturity, selling for 103 percent of par; the bonds make semiannual payments. Common stock: 460,000 shares outstanding, selling for $64 per share; the beta is 1.07. Preferred stock: 24,000 shares of 5 percent preferred stock outstanding, currently selling for $84 per share. Market: 7 percent market risk premium and 5.4 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.)