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

Debt:	9,000 7.6 percent coupon bonds outstanding, $1,000 par value, 30 years to maturity, selling for 105 percent of par; the bonds make semiannual payments.
Common stock:	480,000 shares outstanding, selling for $66 per share; the beta is 1.09.
Preferred stock:	26,000 shares of 4 percent preferred stock outstanding, currently selling for $86 per share.
Market:	9 percent market risk premium and 5.6 percent risk-free rate.

What is the company's WACC