You are looking at the following information: 5,000 7 percent coupon bonds outstanding, $1,000 par value, 19 years to maturity, selling for 104 percent of par; the bonds make semiannual payments. 115,000 shares outstanding, selling for $62 per share; the beta is 1.11 14,500 shares of 6 percent preferred stock outstanding currently selling for $105 per share. 8.5 percent market risk premium and 5.5 percent risk-free rate Debt: Common stock: Preferred stock: Market The company is in the 34 percent tax rate bracket based on its corporate income. Required: Find the WACC. (Do not round your intermediate calculations.)