Problem 14-15 Finding the WACC [LO3) You are given the following information for Lighting Power Company Assume the company's tax rate is 21 percent Debt 11,000 6 percent coupon bonds outstanding, $1000 par value, 26 years to maturity, selling for 108 percent of par, the bonds make semiannual payments. 4:54 Common stock: 440,000 shares outstanding, selling for $62 per share the beta is 113. Preferred stock 19,000 shares of 3.8 percent preferred stock outstanding, a $100 par value currently selling for $83 per share 7 percent market risk premium and 4 8 percent risk-free rate, Market 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., 32.16.)