You are given the following information concerning Parrothead Enterprises:

Debt:9,400 6.6 percent coupon bonds outstanding, with 21 years to maturity and a quoted price of 105. These bonds pay interest semiannually.Common stock:245,000 shares of common stock selling for $64.90 per share. The stock has a beta of .89 and will pay a dividend of $3.10 next year. The dividend is expected to grow by 5.4 percent per year indefinitely.Preferred stock:8,400 shares of 4.7 percent preferred stock selling at $94.40 per share.Market:An expected return of 11.6 percent, a risk-free rate of 5.2 percent, and a 40 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.)