You are given the following information for Watson Power Co. Assume the companys tax rate is 24 percent. Debt: 9,000 5.8 percent coupon bonds outstanding, $1,000 par value, 24 years to maturity, selling for 106 percent of par; the bonds make semiannual payments. Common stock: 420,000 shares outstanding, selling for $60 per share; the beta is 1.11. Preferred stock: 18,000 shares of 3.6 percent preferred stock outstanding, currently selling for $81 per share. The par value is $100 per share. Market: 5 percent market risk premium and 4.6 percent risk-free rate. What is the company's WACC? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)