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: Common stock: Preferred stock: Market: 16,000 6.5 percent coupon bonds outstanding, $1,000 par value, 27 years to maturity, selling for 105 percent of par; the bonds make semiannual payments. 490,000 shares outstanding, selling for $67 per share; the beta is 1.18. 21,500 shares of 4.3 percent preferred stock outstanding, a $100 par value, currently selling for $88 per share. 6 percent market risk premium and 5.4 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., 32.16.) Answer is complete but not entirely correct. WACC 9.26%