You are given the following information concerning Parrothead Enterprises:

Debt:	9,100 6.3 percent coupon bonds outstanding, with 24 years to maturity and a quoted price of 104.25. These bonds pay interest semiannually.
Common stock:	230,000 shares of common stock selling for $64.60 per share. The stock has a beta of .86 and will pay a dividend of $2.80 next year. The dividend is expected to grow by 5.1 percent per year indefinitely.
Preferred stock:	8,100 shares of 4.55 percent preferred stock selling at $94.10 per share.
Market:	A 11.9 percent expected return, a risk-free rate of 5.1 percent, and a 34 percent tax rate.

Required:

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

WACC

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