You are given the following information for Watson Power Co. Assume the company’s tax rate is 30 percent. Debt: 9,000 6.4 percent coupon bonds outstanding, $1,000 par value, 20 years to maturity, selling for 107 percent of par; the bonds make semiannual payments. Common stock: 360,000 shares outstanding, selling for $54 per share; the beta is 1.10. Preferred stock: 14,000 shares of 4 percent preferred stock outstanding, currently selling for $74 per share. Market: 11 percent market risk premium and 4.4 percent risk-free rate. What is the company's WACC?