Given the following information for Evenflow Power Co., the WACC ________is percent. Assume the company's tax rate is 34 percent.
Debt: 4,500 5 percent coupon bonds outstanding, $1,000 par value, 19 years to maturity, selling for 103 percent of par; the bonds make semiannual payments.
Common stock: 99,000 shares outstanding, selling for $58 per share; the beta is 1.11.
Preferred stock: 12,500 shares of 4 percent preferred stock outstanding, currently selling for $104 per share.
Market: 6 percent market risk premium and 3 percent risk-free rate.