19. Calculating the WACC. You are given the following information concerning Parrothead Enterprises: Debt: 2,000 7 percent coupon bonds outstanding, with 20 years to maturity, and a quoted price of 93. These bonds pay interest semiannually. Common stock: 80,000 shares of common stock selling for $45 per share. The stock has a beta of 1.2 and will pay a dividend of $3.25 next year. The dividend is expected to grow by 7 percent per year indefinitely. Preferred stock: 7,000 shares of 6 percent preferred stock selling at $93 per share. Market: A 12 percent expected return, a 4 percent risk-free rate, and a 35 percent tax rate. Calculate the WACC for Parrothead Enterprises