You are given the following information on Parrothead Enterprises:
Debt:	8,500 7.1 percent coupon bonds outstanding, with 24 years to maturity and a quoted price of 106.75. These bonds pay interest semiannually and have a par value of $2,000.
Common stock:	280,000 shares of common stock selling for $65.60 per share. The stock has a beta of 1.06 and will pay a dividend of $3.80 next year. The dividend is expected to grow by 5.1 percent per year indefinitely.
Preferred stock:	9,100 shares of 4.55 percent preferred stock selling at $95.10 per share. The par value is $100 per share.
Market:	10.9 percent expected return, risk-free rate of 4.15 percent, and a 21 percent tax rate.

Calculate the company's WACC.