You are given the following information for Watson Power Co. Assume the company’s tax rate is 25 percent. Debt: 20,000 6.9 percent coupon bonds outstanding, $1,000 par value, 23 years to maturity, selling for 109 percent of par; the bonds make semiannual payments. Common stock: 530,000 shares outstanding, selling for $71 per share; the beta is 1.19. Preferred stock: 23,500 shares of 4.7 percent preferred stock outstanding, currently selling for $92 per share. The par value is $100 per share. Market: 7 percent market risk premium and 5.4 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.)