You are given the following information for Watson Power Co. Assume the company’s tax rate is 23 percent. Debt:
13,000 6.2 percent coupon bonds outstanding, $1,000 par value, 28 years to maturity, selling for 108 percent of par; the bonds make semiannual payments.

Common stock: 460,000 shares outstanding, selling for $64 per share; the beta is 1.13.

Preferred stock:
20,000 shares of 4 percent preferred stock outstanding, currently selling for $85 per share. The par value is $100 per share.

Market: 6 percent market risk premium and 5.1 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.)