You are given the following information on Parrothead Enterprises:

Debt: 8,600 7.2 percent coupon bonds outstanding, with 23 years to maturity and a quoted price of 107. These bonds pay interest semiannually and have a par value of $2,000.

Common stock: 285,000 shares of common stock selling for $65.70 per share. The stock has a beta of 1.02 and will pay a dividend of $3.90 next year. The dividend is expected to grow by 5.2 percent per year indefinitely.

Preferred stock: 9,200 shares of 4.6 percent preferred stock selling at $95.20 per share. The par value is $100 per share.

Market: 10.8 percent expected return, risk-free rate of 4.2 percent, and a 22 percent tax rate.

Calculate the company's WACC.