You are given the following information concerning Parrothead Enterprises:

Debt: 9,700 7.2 percent coupon bonds outstanding, with 23 years to maturity and a quoted price of 105.75. These bonds pay interest semiannually.

Common stock: 260,000 shares of common stock selling for $65.20 per share. The stock has a beta of 0.92 and will pay a dividend of $3.40 next year. The dividend is expected to grow by 5.2 percent per year indefinitely.

Preferred stock: 8,700 shares of 4.60 percent preferred stock selling at $94.7 per share. Market: A 11.3 percent expected return, a 5.2 percent risk-free rate, and a 30 percent tax rate.

Calculate the WACC for Parrothead Enterprises.