You are given the following information concerning Parrothead Enterprises:

Debt: 10,400 7.4 percent coupon bonds outstanding, with 21 years to maturity and a quoted price of 107.5. These bonds pay interest semiannually.

Common stock: 295,000 shares of common stock selling for $65.90 per share. The stock has a beta of .99 and will pay a dividend of $4.10 next year. The dividend is expected to grow by 5.4 percent per year indefinitely.

Preferred stock: 9,400 shares of 4.7 percent preferred stock selling at $95.40 per share.

Market: An expected return of 10.6 percent, a risk-free rate of 5.2 percent, and a 40 percent tax rate.

Calculate the WACC for Parrothead Enterprises. (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)