You are given the following information on Parrothead Enterprises:
Debt:	9,200 6.4 percent coupon bonds outstanding, with 23 years to maturity and a quoted price of 104.5. These bonds pay interest semiannually and have a par value of $1,000.
Common stock:	235,000 shares of common stock selling for $64.70 per share. The stock has a beta of .92 and will pay a dividend of $2.90 next year. The dividend is expected to grow by 5.2 percent per year indefinitely.
Preferred stock:	8,200 shares of 4.6 percent preferred stock selling at $94.20 per share. The par value is $100 per share.
Market:	11.8 percent expected return, risk-free rate of 3.7 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.)

All of this information is correct.