Given the following information for Evenflow Power Co., the WACC is percent. Assume the company's tax rate is 34 percent. (Do not include the percent sign (%). Round your answer to 2 decimal places. (e.g., 32.16))
Debt: 3,500 8 percent coupon bonds outstanding, $1,000 par value, 20 years to maturity, selling for 104 percent of par; the bonds make semiannual payments.
Common stock: 87,500 shares outstanding, selling for $61 per share; the beta is 1.17.
Preferred stock: 10,000 shares of 7 percent preferred stock outstanding, currently selling for $106 per share.
Market: 9.5 percent market risk premium and 6 percent risk-free rate.
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