You are given the following information concerning Parrothead Enterprises:

Debt:	10,000 7 percent coupon bonds outstanding, with 25 years to maturity and a quoted price of 106.5. These bonds pay interest semiannually.
Common stock:	275,000 shares of common stock selling for $65.50 per share. The stock has a beta of .95 and will pay a dividend of $3.70 next year. The dividend is expected to grow by 5 percent per year indefinitely.
Preferred stock:	9,000 shares of 4.5 percent preferred stock selling at $95.00 per share.
Market:	A 11 percent expected return, a risk-free rate of 5 percent, and a 35 percent tax rate.

Required:

Calculate the WACC for Parrothead Enterprises.