You are given the following information on Parrothead Enterprises:
Debt:	8,700 7.3 percent coupon bonds outstanding, with 22 years to maturity and a quoted price of 107.25. These bonds pay interest semiannually and have a par value of $2,000.
Common stock:	290,000 shares of common stock selling for $65.80 per share. The stock has a beta of 1.03 and will pay a dividend of $4.00 next year. The dividend is expected to grow by 5.3 percent per year indefinitely.
Preferred stock:	9,300 shares of 4.65 percent preferred stock selling at $95.30 per share. The par value is $100 per share.
Market:	10.7 percent expected return, risk-free rate of 4.25 percent, and a 23 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.)