Problem $14-15$ Finding the WACC $[$LO$3]$

You are given the following information for Lighting Power Company. Assume the

company's tax rate is $24$ percent.

Debt: $,19,0006\mathrm{.}8$ percent coupon bonds outstanding, $$1,000$ par value, $24$

years to maturity, selling for $111$ percent of par; the bonds make

semlannual payments.

Common $,520,000$ shares outstanding, selling for $$70$ per share; the beta is $1\mathrm{.}21.$ stock:

Preferred $,23,000$ shares of $4\mathrm{.}6$ percent preferred stock outstanding, a $$100$ par

stock: $,$ value, currently selling for $$91$ per share.

Market: $6$ percent market risk premium and $5\mathrm{.}5$ 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$.,32\mathrm{.}16.)$