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: $15,0006\mathrm{.}4$ percent coupon bonds outstanding, $$1,000$ par value, $28$ years to maturity, selling for $106$ percent of par; the bonds make semiannual payments.

Common $480,000$ shares outstanding, selling for $$66$ per share; the beta is $1\mathrm{.}17.$ stock: $21,000$ shares of $4\mathrm{.}2$ percent preferred stock outstanding, a $$100$ par Preferred $21,000$ surently selling for $$87$ per share.

stock: value, curren

Market: $5$ percent market risk premium and $5\mathrm{.}3$ 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$.,32\mathrm{.}16.)$