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 $21$ percent.

Debt:

$11,0006$ percent coupon bonds outstanding, $$1,000$ par value, $26$ years

to maturity, selling for $108$ percent of par; the bonds make semiannual

payments.

Common

stock:

$440,000$ shares outstanding, selling for $$62$ per share; the beta is $1\mathrm{.}13.$

Preferred

$19,000$ shares of $3\mathrm{.}8$ percent preferred stock outstanding, a $$100$ par

stock:

value, currently selling for $$83$ per share.

Market:

$7$ 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$.,32\mathrm{.}16.)$