You are given the following information concerning Parrothead Enterprises: Debt: 15,0005.9 percent coupon bonds outstanding, with 17 years to maturity and a quoted price of 104 . These bonds pay interest semiannually. Common stock: 375,000 shares of common stock selling for $81.50 per share. The stock has a beta of 95 and will pay a dividend of $3.80 next year. The dividend is expected to grow by 5 percent per year indefinitely. Preferred stock: 10,000 shares of 4.2 percent preferred stock selling at $86 per share. Market: 11 percent expected return, risk-free rate of 3.6 percent, and a 22 percent tax rate. Calculate the company's WACC. Note: Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16