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:	A 11.6 percent expected return, a risk-free rate of 5.4 percent, and a 40 percent tax rate.

Required:

Calculate the WACC for Parrothead Enterprises.