You are given the following information for Watson Power Co. Assume the companys tax rate is 21 percent.

Debt:	16,000 6.5 percent coupon bonds outstanding, $1,000 par value, 27 years to maturity, selling for 105 percent of par; the bonds make semiannual payments.
Common stock:	490,000 shares outstanding, selling for $67 per share; the beta is 1.18.
Preferred stock:	21,500 shares of 4.3 percent preferred stock outstanding, currently selling for $88 per share. The par value is $100 per share.
Market:	6 percent market risk premium and 5.4 percent risk-free rate.

What is the company's WACC?