You are given the following information concerning Parrothead Enterprises:

Debt:		10,500 7 percent coupon bonds outstanding, with 25 years to maturity and a quoted price of 107.75. These bonds pay interest semiannually.
Common stock:		300,000 shares of common stock selling for $66.00 per share. The stock has a beta of 1.01 and will pay a dividend of $4.20 next year. The dividend is expected to grow by 5 percent per year indefinitely.
Preferred stock:		9,500 shares of 4.5 percent preferred stock selling at $95.50 per share.
Market:		An expected return of 10.5 percent, a risk-free rate of 5 percent, and a 35 percent tax rate.

Calculate the WACC for Parrothead Enterprises. (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) WACC %