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You are given the following information for Watson Power Co. Assume the companyâs 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? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)
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