You are given the following information concerning Parrothead Enterprises:

Debt:	10,400 7.4 percent coupon bonds outstanding, with 21 years to maturity and a quoted price of 107.50. These bonds pay interest semiannually.
Common stock:	295,000 shares of common stock selling for $65.90 per share. The stock has a beta of 0.99 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 4.70 percent preferred stock selling at $95.4 per share.
Market:	A 10.6 percent expected return, a 5.4 percent risk-free rate, and a 40 percent tax rate.

Calculate the WACC for Parrothead Enterprises