You are given the following information concerning Parrothead Enterprises:

Debt:	9,200 6.4 percent coupon bonds outstanding, with 23 years to maturity and a quoted price of 104.50. These bonds pay interest semiannually.
Common stock:	235,000 shares of common stock selling for $64.70 per share. The stock has a beta of 0.87 and will pay a dividend of $2.90 next year. The dividend is expected to grow by 5.2 percent per year indefinitely.
Preferred stock:	8,200 shares of 4.60 percent preferred stock selling at $94.2 per share.
Market:	A 11.8 percent expected return, a 5.2 percent risk-free rate, and a 30 percent tax rate.

Required:

Calculate the WACC for Parrothead Enterprises