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 $25$ percent.

Debt: $,25,0007\mathrm{.}4$ percent coupon bonds outstanding, $$1,000$ par value, $21$ years to maturity, selling for $106$ percent of par; the bonds make semiannual payments.

Common stock:

Preferred stock:

$580,000$ shares outstanding, selling for $$76$ per share; the beta is $1\mathrm{.}15.$

Market:

$26,000$ shares of $5\mathrm{.}2$ percent preferred stock outstanding, a $$100$par value, currently selling for $$97$ per share.

$6$ percent market risk premium and $4\mathrm{.}8$ 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$.,32\mathrm{.}16.)$

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