You are given the following information on Parrothead Enterprises: Debt: 9,700 7.2 percent coupon bonds outstanding, with 23 years to maturity and a quoted price of 105.75. These bonds pay interest semiannually and have a par value of $1,000. Common stock: 260,000 shares of common stock selling for $65.20 per share. The stock has a beta of .97 and will pay a dividend of $3.40 next year. The dividend is expected to grow by 5.2 percent per year indefinitely. Preferred stock: 8,700 shares of 4.6 percent preferred stock selling at $94.70 per share. The par value is $100 per share. Market: 11.3 percent expected return, risk-free rate of 3.95 percent, and a 22 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.)