Problem 14-15 Finding the WACC [LO3] You are given the following information for Watson Power Co. Assume the company's tax rate is 40 percent. Debt: 8,000 7.5 percent coupon bonds outstanding, $1,000 par value, 25 years to maturity, selling for 104 percent of par; the bonds make semiannual payments. Common stock: 470,000 shares outstanding, selling for $65 per share the beta is 1.08. Preferred stock: 25,000 shares of 3 percent preferred stock outstanding, currently selling for $85 per share. Market 8 percent market risk premium and 5.5 percent risk-free rate. What is the company's WACC? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) WACC %