You are given the following information on Parrothead Enterprises: Debt: 8,7007.3 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. 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. 10.7 percent expected return, risk-free rate of 4.25 percent, and a 23 percent tax rate. Calculate the company's WACC. Note: Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16. You are given the following information on Parrothead Enterprises: Debt: 8,7007.3 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. 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. 10.7 percent expected return, risk-free rate of 4.25 percent, and a 23 percent tax rate. Calculate the company's WACC. Note: Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16