Problem 14-15 Finding the WACC [LO3]

You are given the following information for Lighting Power Company. Assume the companys tax rate is 22 percent.

Debt:	7,000 5.6 percent coupon bonds outstanding, $1,000 par value, 22 years to maturity, selling for 104 percent of par; the bonds make semiannual payments.
Common stock:	400,000 shares outstanding, selling for $58 per share; the beta is 1.09.
Preferred stock:	17,000 shares of 3.4 percent preferred stock outstanding, a $100 par value, currently selling for $79 per share.
Market:	6 percent market risk premium and 4.4 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.)