You are given the following information concerning Parrothead Enterprises:

Debt: 9,900 7.4 percent coupon bonds outstanding, with 21 years to maturity and a quoted price of 106.25. These bonds pay interest semiannually.

Common stock: 270,000 shares of common stock selling for $65.40 per share. The stock has a beta of .94 and will pay a dividend of $3.60 next year. The dividend is expected to grow by 5.4 percent per year indefinitely.

Preferred stock: 8,900 shares of 4.7 percent preferred stock selling at $94.90 per share.

Market: An expected return of 11.1 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.) WACC %