You are given the following information concerning Parrothead Enterprises:

Debt: 15,000 5.9 percent coupon bonds outstanding, with 17 years to maturity and a quoted price of 104. These bonds pay interest semiannually.

Common stock: 375,000 shares of common stock selling for $81.50 per share. The stock has a beta of .95 and will pay a dividend of $3.80 next year. The dividend is expected to grow by 5 percent per year indefinitely.

Preferred stock: 10,000 shares of 4.2 percent preferred stock selling at $86 per share.

Market: 11 percent expected return, risk-free rate of 3.6 percent, and a 22 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.