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 $22$ percent.$\text{'}$

Debt: $,17,0006\mathrm{.}6$ percent coupon bonds outstanding, $$1,000$ par value, $26$ years to maturity, selling for $106$ percent of par; the bonds make semiannual payments.

Common stock: $500,000$ shares outstanding, selling for $$68$ per share; the beta is $1\mathrm{.}19.$

Preferred $22,000$ shares of $4\mathrm{.}4$ percent preferred stock outstanding, a $$100$ par stock: value, currently selling for $$89$ per share.

Market:

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

WACC

$\%$