You are given the following information concerning Parrothead Enterprises: Debt: 9,300 6.5 percent coupon bonds outstanding, with 22 years to maturity and a quoted price of 104.75. These bonds pay interest semiannually. Common stock: 240,000 shares of common stock selling for $64.80 per share. The stock has a beta of 0.88 and will pay a dividend of $3.00 next year. The dividend is expected to grow by 5.3 percent per year indefinitely. Preferred stock: 8,300 shares of 4.65 percent preferred stock selling at $94.3 per share. Market: A 11.7 percent expected return, a 5.3 percent risk-free rate, and a 38 percent tax rate. Calculate the WACC for Parrothead Enterprises