You are given the following information for Watson Power Co. Assume the company’s tax rate is 40 percent.

Debt: 10,000 7.7 percent coupon bonds outstanding, $1,000 par value, 15 years to maturity, selling for 106 percent of par; the bonds make semiannual payments.

Common stock: 490,000 shares outstanding, selling for $67 per share; the beta is 1.10.

Preferred stock: 27,000 shares of 5 percent preferred stock outstanding, currently selling for $87 per share. Market: 8 percent market risk premium and 5.7 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.)