Debt:	10,900 7.4 percent coupon bonds outstanding, with 21 years to maturity and a quoted price of 108.75. These bonds pay interest semiannually.
Common stock:	320,000 shares of common stock selling for $66.40 per share. The stock has a beta of 1.05 and will pay a dividend of $4.60 next year. The dividend is expected to grow by 5.4 percent per year indefinitely.
Preferred stock:	9,900 shares of 4.70 percent preferred stock selling at $95.9 per share.
Market:	A 10.1 percent expected return, a 5.4 percent risk-free rate, and a 40 percent tax rate.

Required:

Calculate the WACC for Parrothead Enterprises.