ou are given the following information on Parrothead Enterprises:

Debt:	8,400 7 percent coupon bonds outstanding, with 25 years to maturity and a quoted price of 106.5. These bonds pay interest semiannually and have a par value of $2,000.
Common stock:	275,000 shares of common stock selling for $65.50 per share. The stock has a beta of 1.04 and will pay a dividend of $3.70 next year. The dividend is expected to grow by 5 percent per year indefinitely.
Preferred stock:	9,000 shares of preferred stock selling at $95.00 per share. The par value is $100 per share and dividend is 4.5 percent of par.
Market:	11 percent expected return, risk-free rate of 4.1 percent, and a 25 percent tax rate.

Calculate the company's WACC.

Note: Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.