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You are given the following information for Watson Power Co. Assume the companys tax rate is 40 percent. Debt: 5,000 6.6 percent coupon bonds outstanding, $1,000 par value, 20 years to maturity, selling for 109 percent of par; the bonds make semiannual payments. 380,000 shares outstanding, selling for $56 per share; the beta is 1.12. 16,000 shares of 3 percent preferred stock outstanding, currently selling for $76 per Common stock: Preferred stock: share. Market: 5 percent market risk premium and 4.6 percent risk-free rate. What is the companys WACC? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) WACC

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