You are given the following information concerning Parrothead Enterprises:

Debt:	9,500 7 percent coupon bonds outstanding, with 25 years to maturity and a quoted price of 105.25. These bonds pay interest semiannually.
Common stock:	250,000 shares of common stock selling for $65.00 per share. The stock has a beta of .90 and will pay a dividend of $3.20 next year. The dividend is expected to grow by 5 percent per year indefinitely.
Preferred stock:	8,500 shares of 4.5 percent preferred stock selling at $94.50 per share.
Market:	A 11.5 percent expected return, a risk-free rate of 5 percent, and a 35 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).)