Problem 12-17 Calculating the WACC [LO 3] You are given the following information on Parrothead Enterprises: 8,800 7.4 percent coupon bonds outstanding, with 21 years to maturity and a quoted price of 107.5. These bonds pay interest semiannually and have a par value of $2,000. Debt: Common stock: 295,000 shares of common stock selling for $65.90 per share. The stock has a beta of 1.04 and will pay a dividend of $4.10 next year. The dividend is expected to grow by 5.4 percent per year indefinitely. Preferred stock: 9,400 shares of 4.7 percent preferred stock selling at $95.40 per share. The par value is $100 per share. 10.6 percent expected return, risk-free rate of 4.3 percent, and a 24 percent tax rate. Market: Calculate the company's WACC. (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) WACC %