You are given the following information on Parrothead Enterprises: Debt 9,100 7.2 percent coupon bonds outstanding, with 23 years to maturity and a quoted price of 108.25. These bonds pay interest semiannually and have a par value of $2,000. Common stock: 310,000 shares of common stock selling for $66.20 per share. The stock has a beta of 1.07 and will pay a dividend of $4.40 next year. The dividend is expected to grow by 5.2 percent per year indefinitely Preferred stock: 9,700 shares of 4.6 percent preferred stock selling at $95.70 per share. The par value is $100 per share. Market 10.3 percent expected return, risk-free rate of 4.45 percent, and a 22 percent tax rate Calculate the company's WACC. (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)