You are given the following information concerning Parrothead Enterprises:

Debt: 10,100 7.1 percent coupon bonds outstanding, with 24 years to maturity and a quoted price of 106.75. These bonds pay interest semiannually.

Common stock: 280,000 shares of common stock selling for $65.60 per share. The stock has a beta of .96 and will pay a dividend of $3.80 next year. The dividend is expected to grow by 5.1 percent per year indefinitely.

Preferred stock: 9,100 shares of 4.55 percent preferred stock selling at $95.10 per share.

Market: An expected return of 10.9 percent, a risk-free rate of 5.05 percent, and a 34 percent tax rate.

Calculate the WACC for Parrothead Enterprises.