You are given the following information on Parrothead Enterprises:

Debt:9,900 7.4 percent coupon bonds outstanding, with 21 years to maturity and a quoted price of 106.25. These bonds pay interest semiannually and have a par value of $1,000.

Common stock:270,000 shares of common stock selling for $65.40 per share. The stock has a beta of .97 and will pay a dividend of $3.60 next year. The dividend is expected to grow by 5.4 percent per year indefinitely.

Preferred stock:8,900 shares of 4.7 percent preferred stock selling at $94.90 per share. The par value is $100 per share.

Market:11.1 percent expected return,risk-free rate of 4.05 percent, and a 24 percent tax rate.

Calculate the company's WACC