You are given the following information on Parrothead Enterprises:
Debt:	9,200 7.3 percent coupon bonds outstanding, with 22 years to maturity and a quoted price of 108.5. These bonds pay interest semiannually and have a par value of $2,000.
Common stock:	315,000 shares of common stock selling for $66.30 per share. The stock has a beta of 1.08 and will pay a dividend of $4.50 next year. The dividend is expected to grow by 5.3 percent per year indefinitely.
Preferred stock:	9,800 shares of 4.65 percent preferred stock selling at $95.80 per share. The par value is $100 per share.
Market:	10.2 percent expected return, risk-free rate of 4.5 percent, and a 23 percent tax rate.

Calculate the company's WACC.