You are given the following information concerning Parrothead Enterprises:

Debt:

9,100 6.3 percent coupon bonds outstanding, with 24 years to maturity and a quoted price of 104.25. These bonds pay interest semiannually.

Common stock:

230,000 shares of common stock selling for $64.60 per share. The stock has a beta of 0.86 and will pay a dividend of $2.80 next year. The dividend is expected to grow by 5.1 percent per year indefinitely.

Preferred stock:

8,100 shares of 4.55 percent preferred stock selling at $94.1 per share.

Market:

A 11.9 percent expected return, a 5.1 percent risk-free rate, and a 34 percent tax rate.

Required: Calculate the WACC for Parrothead Enterprises. (Do not include the percent sign ($). Round your answer to 2 decimal places (e.g., 32.16).)