Problem $12-14$ Finding the WACC $[$LO$3]$

You are given the following information for Lightning Power Company. Assume the company's tax rate is $25$ percent.

Debt:

$20,0006\mathrm{.}9$ 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; beta is $1\mathrm{.}19.$

Preferred stock:

$23,500$ shares of $4\mathrm{.}7$ percent preferred stock outstanding, a $$100$ par

value, selling for $$92$ per share.

Market:

$7$ percent market risk premium and $5\mathrm{.}4$ percent risk$-$free rate.

What is the company's WACC?

Note: Do not round intermediate calculations and enter your answer as a percent rounded to $2$ decimal places, e$.$g$.,32\mathrm{.}16.$

WACC

$\%$